Societe Generale Selects Bullish Europe to Debut Its USD Stablecoin
Societe Generale-FORGE (SG-FORGE) has selected Bullish’s European arm as the inaugural venue for the Societe Generale USDCV listing on Bullish Europe, bringing the bank-issued USD CoinVertible (USDCV) to a regulated exchange under the EU’s Markets in Crypto-Assets (MiCA) regime.
USDCV, introduced on Ethereum and Solana on June 10, 2025 with BNY Mellon as reserve custodian, extends SG-FORGE’s CoinVertible line alongside its euro-denominated EURCV. Public trading begins on Bullish Europe, while U.S. availability will follow once agencies finalize rules under the GENIUS Act.
What the Societe Generale USDCV listing on Bullish Europe means
The listing gives institutional and eligible non-U.S. investors an EU-regulated on-ramp to a bank-issued dollar stablecoin. SG-FORGE says its stablecoins operate within MiCA requirements; the firm is an SG subsidiary focused on regulated digital assets.
Jean-Marc Stenger, SG-FORGE CEO, noted Europe’s regulatory clarity versus the U.S.: “we have clarity in Europe with MiCA, but we don’t have this clarity in the U.S.” He added access is currently limited to non-U.S. investors until the U.S. rulebook is complete.
Trading timeline and access for the Societe Generale USDCV listing on Bullish Europe
Bullish Europe says it is the first to list USDCV, following USDCV’s June launch and expected trading kickoff in early Q3. U.S. onboarding will depend on implementing regulations under the GENIUS Act, which established a federal framework for payment stablecoins this summer. Bullish+2Bullish+2
Product details and market context
Launch & chains
USDCV on Ethereum and Solana since June 10, 2025.Reserves & custody
BNY Mellon is reserve custodian; issuances and redemptions follow bank-grade controls.MiCA backdrop
MiCA provides licensing and conduct standards for EU stablecoin issuers/exchanges.Activity to date
SG-FORGE says EURCV averages ~€40m daily turnover; additional exchanges/brokers are being onboarded to mint/burn.
<section id=”howto”> <h3>How to access USDCV on Bullish Europe</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Confirm your jurisdictional eligibility (non-U.S. during initial phase) and KYC requirements.</li> <li id=”step2″><strong>Step 2:</strong> Open a Bullish Europe institutional/eligible account and complete onboarding.</li> <li id=”step3″><strong>Step 3:</strong> Fund your account (fiat or crypto) and review USDCV trading pairs and fees.</li> <li id=”step4″><strong>Step 4:</strong> Place a test order with appropriate risk controls; verify settlement and custody preferences.</li> <li id=”step5″><strong>Step 5:</strong> For large flows, coordinate with SG-FORGE for direct mint/burn access where permitted.</li> </ol> <p><em>Note: Process may vary by venue and jurisdiction. Confirm regulatory and listing details before trading.</em></p> </section>
Context & Analysis
Bank-issued stablecoins remain rare among globally systemic banks. SG-FORGE’s move tests demand for institutional-grade, MiCA-aligned tokens versus incumbent dollar stablecoins. In the U.S., practical access hinges on agencies translating the GENIUS Act into supervisory rules a process Stenger expects will take “several months.
Conclusion
Societe Generale has completed its first USDCV listing on Bullish Europe, offering institutional investors a fully regulated way to access a bank-backed dollar stablecoin within the European Union. This move marks a significant step in bridging traditional finance and digital assets, providing institutions with a trusted, compliant option for stablecoin exposure.
Broader availability, including access for U.S. investors, is expected once the GENIUS Act implementation provides clear guidelines on the responsibilities of issuers and intermediaries. This clarity will likely pave the way for wider adoption and regulatory confidence in bank-issued digital currencies.
FAQs
Q : What is USDCV?
A : USDCV (USD CoinVertible) is Societe Generale-FORGE’s USD-denominated stablecoin issued on Ethereum and Solana, with reserves held by BNY Mellon.
Q : What is the Societe Generale USDCV listing on Bullish Europe, and when does trading start?
A : Bullish Europe is the first exchange to list USDCV following its June 2025 launch; trading begins on the EU venue before any U.S. rollout.
Q : Is USDCV available to U.S. residents?
A : Not initially. Access will follow agency rules implementing the GENIUS Act.
Q : How is USDCV regulated in Europe?
A : SG-FORGE issues USDCV under the EU’s MiCA framework, which governs crypto-asset issuers and service providers.
Q : Who holds the reserves for USDCV?
A : BNY Mellon serves as the reserve custodian.
Q : How active is SG-FORGE’s euro stablecoin (EURCV)?
A : SG-FORGE reports ~€40m in daily EURCV turnover, with more venues onboarding for direct mint/burn.
Q : What distinguishes bank-issued stablecoins from others?
A : They feature bank-grade controls, custody, and regulatory alignment, appealing to institutions seeking MiCA-compliant exposure.