Solana news is making rounds as Platform SG-FORGE from Societe Generale announced it will introduce a USD-backed stablecoin, USDCV.
It plans to launch them on the Ethereum and Solana blockchains. This is the second time Societe Generale’s crypto team is building a stablecoin. The USD CoinVertible will be launched in July 2025.
Steady growth is associated with SG-FORGE, a subsidiary of Group Societe Generale, in the world of crypto, owing to its trusted stablecoin offerings.
SG-FORGE successfully launched its initial EUR CoinVertible stablecoin on Stellar earlier this year and is now looking to introduce a USD CoinVertible stablecoin.
Solana News: SG-FORGE’s Strategic Move into USD Stablecoins
According to the company’s strategy, the move intends to offer more services for cryptocurrency customers by producing stablecoins supported by fiat currencies.
The coming USD Coin stablecoin will be attached 1:1 to every US dollar token and will function on Ethereum and Solana, according to the firm’s report. The main goal of having two chains is to let users on both platforms enjoy greater flexibility and scale in blockchain solutions.
The USD CoinVertible ensures clients can quickly convert USD and EUR currency to stablecoin so they can make quick and secure transactions on the blockchain. Like the euro version, USD CoinVertible will also be backed by real-world assets and is expected to remain steady.
SG-FORGE ensures transparency regarding the assets backing the loans. Users and regulatory bodies can check the reserves held by IAT regularly, as updated information is posted on the company’s website.
The Bank of New York Mellon Corporation, among the world’s top custodians, will make all the necessary arrangements for safely holding the USD Coin. Because of this partnership, the coins in the reserve are managed using top security features and professional accountability.
SG-FORGE wants to serve the steadily rising demand for stablecoins in the crypto market. Podstrong USD CoinVertible will allow both businesses and individuals to interact more securely and stably because the stablecoin market mainly focuses on the U.S. dollar.
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CEO’s Vision and Market Outlook
Jean-Marc Stenger, CEO of SG-FORGE, stated that launching a USD-backed stablecoin was the right step, given that stablecoins are being adopted by more people worldwide. Stenger further noted,
“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. The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin”
As per the CEO, having the USD CoinVertible would add value to clients, including financial institutions, companies, and everyday individuals, who would have greater access to institutional-grade stablecoin services.
Solana Performance and the Potential Impact
The USD Coin will initially operate on Ethereum and Solana, which are known to be among the most respected blockchains in the crypto world. The fact that the platform executes transactions quickly and charges few costs is a key reason that Solana saw strong growth and became a good home for the stablecoin.
Solana’s chart below demonstrates how it has trended upward in the past month. On this day, Solana (SOL) rose to a resistance level of $159.59. At the same time, high trading volume reflected people’s confidence about the market’s future. The price pattern on the chart suggests that Solana is ready for a potential surge that could attract more users for blockchain-related stablecoins, including USD Coin.
If we look at the Solana 1-hour chart, the trend is upwards, as the price went from $146 in early June to $159. Because of this, there is strong support for further price increases coming from regular buying near an established uptrend line. The resistance level at $160 should be noted, as it might affect the direction of prices going forward.
As of press time, Solana’s price was $158.12, up 1.32% in the previous 24 hours, and its trading volume had increased by 24.73%. This means that Solana’s market is active based on the Solana news.
