Introducing USD CoinVertible (USDCV)

On June 10, Société Générale-Forge announced the launch of USD CoinVertible (USDCV), a new stablecoin pegged to the US dollar. Built to function across Ethereum and Solana, the coin’s reserves will be safeguarded by UK-based financial services firm BNY, lending strong institutional credibility to the project.

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This launch follows the company’s euro-pegged EUR CoinVertible (EURCV) released in April 2023. CEO Jean-Marc Stenger stated that offering a US dollar counterpart was the logical next step as stablecoin adoption accelerates worldwide.

Real-Time Settlement and Broader Use Cases

The new USDCV is designed to enable seamless 24/7 conversions between fiat and digital currencies. It supports a wide range of use cases, from crypto trading and cross-border payments to foreign exchange operations and onchain settlement.

Expected to begin trading in July, USDCV will be listed on several cryptocurrency exchanges. Institutional, corporate, and retail clients will access the coin via brokers and payment service providers. However, neither USDCV nor EURCV will be accessible to US residents.

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The post A New Era for Digital Dollars: Société Générale Makes Its Move appeared first on Coin Engineer.

Hong Kong‘s proposed Stablecoins Bill has entered the Legislative Council, moving the region closer to establishing a comprehensive regulatory regime for stablecoins.

On December 6, the Hong Kong government published the bill in the special administrative region’s Gazette, taking it a step closer to becoming law. On December 18, the bill was forwarded to the Legislative Council of Hong Kong for its first reading.

Before the bill is signed into law, it must go through three readings, a process that includes debates, examinations, and potential amendments. Once the bill passes the third reading, it will be forwarded to the region’s chief executive, who can sign it into law.

Key Components of the Bill

According to law firm King & Wood Mallesons, the Stablecoins Bill has three key components. These include licensing and requirements for stablecoin issuers, specific stablecoin offering and marketing restrictions, and broader consumer protections.

If the bill is enacted, stablecoin issuers in Hong Kong will need to obtain a license from the Hong Kong Monetary Authority (HKMA), the region’s central bank. Issuers must comply with comprehensive requirements to obtain a license.

The regulator will evaluate the issuer and its controllers, resources, stablecoins, reserve assets, and the mechanisms stabilizing its value. Only regulated entities and platforms will be allowed to offer stablecoins in Hong Kong or market them to the public.

The bill provides consumer protections affecting various market participants, including issuers and distributors.

MiCA-Compliant Stablecoins Dominate Europe

If the bill is enacted, Hong Kong may experience a transformation in stablecoin usage similar to the shift seen in Europe when the Markets in Crypto-Assets (MiCA) regulations came into force.

On December 18, research firm Kaiko and Netherlands-based crypto exchange Bitvavo reported that the introduction of MiCA led to a significant change in the stablecoin landscape in the region.

While issuers like Tether discontinued their Euro-backed stablecoins, compliant issuers thrived. By November, MiCA-compliant stablecoins captured the majority of the market, with Circle, Societe Generale, and Banking Circle’s stablecoins holding 91% of the market share by late 2024.

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Societe Generale is the first bank in the world to issue a fiat-backed stablecoin. The bank makes it available to a wide audience. EUR CoinVertible is now trading on Bitstamp, a cryptocurrency exchange based in Luxembourg, and is also notable for its compliance with the MiCA regulations.

EUR CoinVertible is a fully collateralized stablecoin, which means that it is backed by a reserve of euro-denominated assets. The reserve is held by Societe Generale and is managed by its subsidiary, Societe Generale-FORGE.

Jean-Marc Stenger, CEO of Forge, the bank’s digital assets unit, said that a euro-backed stablecoin was an element that was missing in the cryptocurrency world. He said, “The cryptocurrency ecosystem is largely based on dollar-pegged stablecoins. As a company, we believe that there is a place for a bank and a stablecoin for the euro in this space. To attract the interest of cryptocurrency investors, it is necessary to follow familiar paths. This also includes listing that coin on an exchange.”

Stenger also stressed that EUR CoinVertible is compliant with the MiCA standards and that there are very few stablecoins with this feature. He said: “We believe that EUR CoinVertible is a unique product that meets the needs of both consumers and businesses. It is a safe and reliable way to store and transfer euros in the digital world.”

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