Bullish Europe partners with Societe Generale-FORGE to launch regulated USDCV stablecoin

Bullish Europe has become the first exchange to list Societe Generale-FORGE’s USD CoinVertible (USDCV), a fully MiCA-compliant U.S. dollar–pegged stablecoin.

Summary

• USDCV joins EUR CoinVertible (EURCV), a euro-backed MiCA-compliant stablecoin launched in April 2023, broadening SG-FORGE’s regulated stablecoin offering.
• The launch of USDCV comes amid the overwhelming dominance of dollar-backed stablecoins in Europe, which now account for 99% of the market.

Bullish Europe announced today that it has become the first exchange to offer Societe Generale-FORGE’s USD CoinVertible (USDCV), a new U.S. dollar–pegged stablecoin designed for institutional, corporate, and retail investors seeking regulated digital assets.

USDCV is fully compliant with the European Markets in Crypto-Assets Regulation, and its reserves are backed 1:1 with cash or high-quality collateral. The stablecoin will be available for trading on Bullish Europe through regulated infrastructure, with custody arrangements handled by trusted banking partners.

“We are proud to be the first to offer USDCV and to increase the availability and range of regulated stablecoins for our institutional investors. This offering further highlights Bullish’s position as a leading venue for institutional-grade liquidity and compliant digital asset trading services,” said Marco Bodewein, CEO of Bullish Europe.

###Societe Generale-FORGE stablecoin expansion

The launch of USDCV expands Societe Generale-FORGE’s growing stablecoin offering, which already includes euro-pegged EUR CoinVertible (EURCV) launched in April 2023.

EURCV has a circulating supply of approximately 42 million tokens, with a market cap approximately $66.35 million, which positions it as the third largest euro-backed stablecoin, after EURC (EURC) and STASIS EURO (EURS), according to CoinMarketCap.

“After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially,” said Jean-Marc Stenger, Chief Executive Officer of Societe Generale.

The launch of USDCV comes at a time when dollar-denominated stablecoins are rapidly dominating the European market, raising strategic and regulatory concerns. ECB advisor Jürgen Schaaf has noted that U.S. dollar–pegged stablecoins account for 99% of the global stablecoin market, while euro-denominated alternatives remain minimal.