{"id":97759,"date":"2025-06-11T00:00:00","date_gmt":"2025-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/"},"modified":"2025-06-11T00:00:00","modified_gmt":"2025-06-11T00:00:00","slug":"societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/","title":{"rendered":"Societe General becomes first bank to launch USD-backed stablecoin"},"content":{"rendered":"

France\u2019s Societe General will be the first bank to launch a USD-backed stablecoin that <\/strong>will be publicly traded<\/strong>, Reuters<\/a> reports, citing a statement<\/a> from the company. The bank is planning to issue the stablecoin \u2014- a crypto token pegged to hard currencies like the USD and EUR \u2014 through its digital asset subsidiary, SG-FORGE. The currency, USD CoinVertible, is set to be tradable from July and will be issued on the Ethereum and Solana blockchains under the ticket USDCV. New York-based global financial services firm BNY will act as the token\u2019s custodian.<\/p>\n

More on USD CoinVertible:<\/strong> The token will be used for cross-border payments, FX transactions, crypto trading, and collateral and cash-management. The stablecoin is set to be offered on various, as yet unspecified, crypto exchanges; however, regulatory restrictions mean it won\u2019t be available to US investors.<\/p>\n

This isn\u2019t Societe General\u2019s first stablecoin venture<\/strong>, with the bank\u2019s digital arm launching a EUR-backed stablecoin in 2023. However, this marks its first USD-backed issuance, with crypto pegged to the greenback gaining traction. SG-FORGE CEO Jean-Marc Stenger pointed to growing demand for a \u201cwell-regulated, robust offering in the crypto and stablecoin space,\u201d noting that, \u201cat the moment, there are no other banking-related players\u201d offering a regulated USD-based stablecoin. <\/p>\n

Other European banks are eyeing a piece of the pie: <\/strong>Deutsche Bank is also considering tapping into the stablecoin market by either issuing its own asset or joining a wider initiative, Bloomberg<\/a> reports. Spain\u2019s Banco Santander was also reported to be in the early stages of launching a stablecoin. Embracing stablecoin, which is dominated by USD-pegged tokens, is seen by some as a way for Europe to reassert \u201cmonetary sovereignty\u201d \u2014 especially through EUR-backed assets, according to the Financial Times<\/a>.<\/p>\n

This comes amid growing regulatory focus on stablecoin<\/strong>, with the US set to pass a bill on a regulatory framework for stablecoins, Reuters<\/a> reports elsewhere. The UK government is considering easing a current ban on certain retail investments linked to cryptocurrencies, the Financial Times<\/a> reports. The UK\u2019s planned regulatory framework would also cover stablecoins.<\/p>\n

The for and against: <\/strong>Detractors of the US bill fear growing stablecoin adoption would add more volatility to the market. Supporters argue more stablecoin activity will drive up demand for buying short-term government debt, as a bill would require stablecoins to be backed by short-term assets like T-bills, and therefore reduce the current fiscal pressure resulting from high levels of long-term US government debt.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets are up in early trading, buoyed by optimism from a breakthrough in trade talks<\/strong> between Washington and Beijing over rare earth mineral exports. The Hang Seng Index, Shanghai, Kospi, Nikkei, and ASX are all in the green so far this morning \u2014 albeit by a relatively slim margin. The optimism doesn\u2019t seem to have carried over to Wall Street yet, where futures indicate the S&P 500, Nasdaq, and Dow Jones will all open in the red. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,004<\/p>\n<\/td>\n

\n

+1.6% (YTD: -8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,406<\/p>\n<\/td>\n

\n

+1.7% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC <\/strong><\/p>\n<\/td>\n

\n

27,307<\/p>\n<\/td>\n

\n

+1.0% (YTD: -13.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

5.0% repo <\/p>\n<\/td>\n

\n

4.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

32,904<\/p>\n<\/td>\n

\n

+0.7% (YTD: +10.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,796<\/p>\n<\/td>\n

\n

+0.5% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5,599<\/p>\n<\/td>\n

\n

+0.1% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

6039<\/p>\n<\/td>\n

\n

+0.6% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8853<\/p>\n<\/td>\n

\n

+0.2% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5415<\/p>\n<\/td>\n

\n

-0.1% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 66.87<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.52<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 3343.40<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 109,842.90<\/p>\n<\/td>\n

\n

-0.1% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n

\n

912.9<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

143.84<\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

16.65<\/p>\n<\/td>\n

\n

-1.2% (YTD: -2.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI<\/strong> rose 1.6% yesterday on turnover of SAR 4.6 bn. The index is down 8.6% YTD.<\/p>\n

In the green:<\/strong> SIIG (+7.0%), Acwa Power (+6.7%), and Albabbtain (+5.4%).<\/p>\n

In the red: <\/strong>SSP (\u20116.3%), SRMG (\u20112.3%), and Jadwa REIT Saudi (\u20112.1%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> gained 1.0% yesterday on turnover of SAR 27.8 mn. The index is down 13.2% YTD.<\/p>\n

In the green:<\/strong> Alrazi (+14.3%), Alnaqool (+9.4%), and Lana (+9.2%).<\/p>\n

In the red:<\/strong> Academy Of Learning (\u20116.5%), DRC (\u20114.9%), and Azm (\u20113.9%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

The United Int<\/strong>ernational Transp<\/strong>ortation Company\u2019s (Budget Saudi) BoD recommended a <\/strong>33.7% capital increase to SAR 1 bn<\/strong>, it said in a disclosure to Tadawul<\/a>. The capital hike is set to be funded by tapping SAR 263.8 mn from retained earnings to support the company\u2019s growth and financial position.<\/p>\n

The details:<\/strong> Pending regulatory and shareholders\u2019 approvals, the hike involves a 33.3% increase through a one-for-three bonus share issuance and a 0.4% increase by allocating 320k shares to a long-term employee incentive program.<\/p>\n

\n

\n

ALSO- <\/strong>Saudi Steel Pipe<\/strong> Company\u2019s shareh<\/strong>olders approved the distribution of two <\/strong>separate <\/strong>banknote<\/strong> dividends<\/strong> totalling SAR 199.6 mn at SAR 3.95 per share for FY 2024, it said in a disclosure to Tadawul (pdf)<\/a>. The first payout is a regular dividend of SAR 1 per share for FY 2024, while the second is a one-time extraordinary dividend of SAR 2.95 per share paid with the company\u2019s retained earnings. The distribution date for both payments is set for 22 June.<\/p>\n

AND- <\/strong>Shareholde<\/strong>rs at View United Rea<\/strong>l Estate Development approved the distribution of SAR <\/strong>9.9 mn in dividends for FY 2024 at SAR 0.3 per share<\/strong>, it said in a disclosure to Tadawul<\/a>. The distribution date is yet to be announced.<\/p>\n","protected":false},"excerpt":{"rendered":"

The USD CoinVertible will be tradable from July<\/p>\n","protected":false},"author":1,"featured_media":97760,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[19,2642,10,55,59,2553],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-banking","tag-crypto","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"7502d81b-4229-4aeb-a21c-70107baa33e8","order":"12","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/6\/509.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Societe General becomes first bank to launch USD-backed stablecoin","related_issue":[97737],"teaser":"The USD CoinVertible will be tradable from July","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.685f92d7-7fd8-45c6-9d98-fd06b6c4a052.mp3"},"yoast_head":"\nSociete General becomes first bank to launch USD-backed stablecoin - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Societe General becomes first bank to launch USD-backed stablecoin\" \/>\n<meta property=\"og:description\" content=\"The USD CoinVertible will be tradable from July\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/509.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Societe General becomes first bank to launch USD-backed stablecoin\",\"datePublished\":\"2025-06-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\"},\"wordCount\":835,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/509.jpg?fit=%2C&ssl=1\",\"keywords\":[\"BANKING\",\"crypto\",\"EnterpriseAM KSA\",\"Financial markets\",\"PLANET FINANCE\",\"REGULATION\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/11\/societe-general-becomes-first-bank-to-launch-usd-backed-stablecoin\/\",\"name\":\"Societe General becomes first bank to launch USD-backed stablecoin - 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