Société Générale-FORGE has issued USDCV, a dollar-pegged token now open for trading on Bullish Europe. The move expands the EU lineup of supervised digital assets under the MiCA licence, offering on-chain dollars within a regulated framework. Assets are warehoused with an institutional custodian serving banks, corporates and individuals.
USDCV follows the Markets in Crypto-Assets (MiCA) rulebook, which obliges issuers to cover every token with cash or top-grade liquid paper, publish outside audits and allow holders to redeem at par. The reserve sits in a segregated account at Bank of New York Mellon, providing named-custodian transparency over backing.
Bullish Europe, overseen by BaFin, is the first exchange to list a dollar stablecoin carrying the new licence, the same source records. SG-FORGE already issues EURCV, a euro token with roughly €40 million of daily turnover that offers a reference point for activity.
Impact of this decision by Société Générale
Professional investors can now book dollars on chain for settlement or collateral, supported by visible reserves and a named custodian. EU law offers clearer ground than the patchwork of U.S. federal guidance, though convertibility and cyber risk remain. Because regulators label USDCV and EURCV as e-money tokens, both must keep one-to-one backing and report at set intervals.
USDCV adds a dollar leg to SG-FORGE’s supervised stablecoin shelf, and its appearance on a licensed exchange marks the first MiCA-compliant listing of a dollar token in Europe. Volume and market-cap figures are still pending, with early uptake likely guided by institutional demand and regulatory clarity.
