Societe Generale Unveils USD Stablecoin on Ethereum and Solana
French banking giant Societe Generale will release a new dollar stablecoin on both the Ethereum and Solana blockchains through its regulated subsidiary, Societe Generale-FORGE (SG-FORGE). The bank, which manages roughly $1.5 trillion in assets, says the dollar stablecoin will serve institutions, corporates and retail investors, offering an "institutional-grade" bridge between traditional finance and crypto. CEO Jean-Marc Stenger stated that the product will allow clients to settle trades and manage liquidity around the clock while staying inside a fully compliant framework. By leveraging Ethereum’s deep liquidity and Solana’s high throughput, the euro-area lender aims to compete with privately issued tokens such as USDC and USDT. This move follows Societe Generale’s earlier launch of the euro-denominated EURCV token and signals rising interest from regulated banks in the stablecoin sector. The announcement could accelerate on-chain adoption by traditional finance, expand dollar liquidity across DeFi, and intensify competition in the stablecoin market. Traders should watch for listing details, chain support, and any regulatory developments that may influence demand. Overall, the bank’s entry underscores growing institutional trust in blockchain settlements and may bolster confidence in major networks like ETH and SOL.
Bullish
A regulated European bank launching a dollar stablecoin broadens institutional participation in DeFi, mirroring earlier moves such as JPMorgan’s JPM Coin and PayPal’s PYUSD, both of which preceded upticks in on-chain volumes and positive sentiment for related networks. Bank-backed issuance should reassure risk-averse investors, potentially driving fresh demand for ETH and SOL as settlement rails. While immediate price spikes may be limited, the long-term effect is constructive: deeper fiat liquidity, more compliant on-chain products, and competitive pressure on existing stablecoin leaders often translate into higher network fees and token usage. Comparable announcements have historically produced short-term outperformance in native tokens (e.g., SOL after Visa’s integration). Therefore, the news is classed as bullish for market outlook.