SG Forge to Launch First Dollar Stablecoin from a Global Bank
After the euro-backed stablecoin EURCV in 2023, the French banking giant is now preparing to launch a USD-backed stablecoin. This marks the first time a traditional banking group—including American institutions—has done so for public blockchain use.
While JPMorgan has a dollar-pegged token, it’s confined to internal use. In contrast, SG Forge’s upcoming stablecoin will operate on public blockchains, starting with Ethereum and expanding to Solana soon after.
A Strategic Move in a Competitive Market
Targeted at institutional investors, this new stablecoin signals SG Forge’s ambition to compete in the $250 billion dollar stablecoin market—a space largely dominated by private players like Tether (USDT) and Circle (USDC). SG Forge holds an e-money license in the European Union, putting it in a similar regulatory class as Circle, which allows the bank to legally issue a dollar-pegged stablecoin within the EU.
NEW: SOCIÉTÉ GÉNÉRAL CRYPTO SUBSIDIARY TO LAUNCH USD STABLECOIN ON ETHEREUM, WITH PLANS TO EXPAND TO OTHER BLOCKCHAINS LIKE SOLANA- PER @TheBigWhale_ SOURCES pic.twitter.com/eW4woMTLef
— DEGEN NEWS (@DegenerateNews) May 20, 2025
The timing also aligns with a larger industry trend. Payment giants like Mastercard, Visa, and Stripe are rapidly integrating stablecoin capabilities. Mastercard has teamed up with MoonPay to enable retail payments in stablecoins. Visa is piloting cards powered by USDC, and Stripe recently launched stablecoin account services for businesses.
Euro vs. Dollar: The Regulation Divide
Despite the success of EURCV, the euro stablecoin market remains sluggish. According to industry data, the total market cap for euro stablecoins is around €300 million—dwarfed by the $250 billion dollar market. SG Forge’s EURCV accounts for over €40 million, while Circle’s EURC leads with €210 million.
The total supply of $EURC, @circle‘s euro stablecoin, on @avax has reached a new all-time high of 6.6m, pushing its on-chain market cap to $7.4m.
At the same time, total swap volume has hit $164.8m, with daily volume peaking at $2m, the highest level since July 2023.👇 pic.twitter.com/HJqZ2kKKCM
— Masi (@Masi_DN) May 17, 2025
Much of this imbalance comes down to regulation. The EU’s MiCA framework, designed to bring clarity to the crypto market, is seen by some as overly restrictive—especially when it comes to reserve requirements for stablecoin issuers. Tether, for example, has withdrawn from the European market, citing MiCA as the reason, even as it holds a dominant 63% share of the global dollar stablecoin market.
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