Stablecoins Go Global: Société Générale Drops USDCV, South Korea Moves to Legalize Local Tokens

As stablecoins gain increasing traction on the global stage, both private and public sector players are taking significant steps to shape the future of digital finance.

France and South Korea are emerging as two of the latest hotspots for innovation, one through institutional rollout, the other through legislative reform.

Société Générale Launches US Dollar Stablecoin Across Ethereum and Solana

Société Générale-Forge, the digital asset arm of French banking giant Société Générale, has unveiled a new US dollar-backed stablecoin, dubbed USD CoinVertible (USDCV). The token will be issued on both the Ethereum and Solana blockchains, expanding the firm’s digital asset offering beyond its earlier euro-denominated EURCV, launched in April 2023.

In this latest development, BNY Mellon will act as the custodian for the fiat reserves backing the stablecoin. Société Générale-Forge emphasized that USDCV will facilitate 24/7 conversions between fiat currencies and digital dollars or euros, enabling near-instant settlement of transactions in both currencies.

“The launch of a U.S. dollar stablecoin was the next logical step after the introduction of our MiCA-compliant euro token,” said Jean-Marc Stenger, CEO of Société Générale-Forge, referencing the EU’s Markets in Crypto-Assets (MiCA) regulation.

Targeted at institutional, corporate, and eventually retail users, USDCV aims to serve a wide range of financial functions, ranging from crypto trading and on-chain settlement to foreign exchange operations and cash management. Trading is expected to begin in July, with the token being distributed via brokers, exchanges, and payment platforms.

South Korea Accelerates Stablecoin Legislation Under New Leadership

Meanwhile, on the regulatory front, South Korea is rapidly advancing legislation to support local stablecoin development. Under the newly elected president Lee Jae-myung, the government is pushing the Digital Asset Basic Act, which aims to establish a comprehensive framework for stablecoin issuance and oversight.

The proposed law allows domestic firms to issue stablecoins, provided they meet specific financial criteria, including holding a minimum equity capital of 500 million won (approximately $368,000) and securing regulatory approval from the Financial Services Commission. Issuers would also need to maintain sufficient reserves to guarantee user redemptions.

The push comes amid surging demand for stablecoin trading in South Korea, with Bank of Korea data reporting over $42 billion in stablecoin transaction volume across five major local exchanges in Q1 2025 alone.

President Lee, who took office following a snap election victory in early June, has positioned digital assets as a cornerstone of his economic agenda. In addition to advocating for won-backed stablecoins, he has also proposed allowing the country’s national pension fund to invest in crypto and supports the launch of Bitcoin ETFs.

Despite growing enthusiasm, the initiative faces resistance from the Bank of Korea, whose governor, Rhee Chang-yong, warned that privately issued stablecoins could erode the effectiveness of the country’s monetary policy. The central bank has argued it should be the primary authority overseeing domestic stablecoin regulation.

Global Implications for the Digital Asset Economy

The simultaneous actions by a major European bank and a leading Asian government highlight the accelerating momentum in the stablecoin sector. From institutional-grade instruments designed for cross-border settlement to nationwide frameworks for retail adoption, the global race to define the future of digital money is clearly underway.

With MiCA set to come into effect in Europe and Asia’s financial hubs rapidly adapting, the evolution of stablecoins is no longer speculative, it’s strategic.