USD CoinVertible (USDCV) is a United States dollar‑pegged stablecoin launched by the blockchain division of a French banking giant. It aims to give institutional players a digital dollar that behaves like cash while staying on public blockchains.

USD CoinVertible hit the market on June 10, 2025 and immediately began trading on both Ethereum and Solana. The price hovers around the $1.00 mark, with tiny fluctuations that are normal for a well‑backed stablecoin.

What makes USDCV different?

Unlike many community‑run tokens, USDCV is backed by real‑world assets held by a traditional custodian. Bank of New York Mellon (BNY) acts as the custodian for the reserve assets that keep the stablecoin pegged to the dollar. Every day, the reserves are audited and published, giving participants a clear view of the backing.

How does the technology work?

USDCV lives on two public chains:

• Ethereum provides a mature ecosystem of DeFi protocols and institutional‑grade tooling.
• Solana offers sub‑second finality and very low transaction fees, ideal for high‑frequency trading.

The contract address on Ethereum is 0x5422374B27757da72d5265cC745ea906E0446634. Both chains follow the ERC‑20 and SPL token standards, meaning wallets, exchanges, and smart contracts that already support those standards can handle USDCV without custom development.

Who is behind the coin?

The stablecoin is a product of Société Générale‑Forge (SG‑FORGE) the cryptocurrency and blockchain arm of the French multinational financial services company Société Générale. SG‑FORGE is authorized as an Electronic Money Institution (EMI) by the French Prudential Supervision and Resolution Authority (ACPR), giving it a regulatory footing that many crypto projects lack.

Both USDCV and its euro counterpart, EUR CoinVertible (EURCV) was launched in April 2023 as the first stablecoin from SG‑FORGE under the same model, are classified as Electronic‑Money Tokens (EMT) under the European MiCA (Markets in Crypto‑assets) regulation. This classification means the tokens have to meet strict capital, governance, and transparency requirements.

Key use cases

USDCV is built for four core scenarios:

1. Crypto trading - provides a stable base pair that removes the volatility of traditional crypto assets.
2. Cross‑border payments - enables near‑instant, low‑cost settlements between banks and corporate treasuries.
3. On‑chain settlement - can be used to pay for services, fees, and contracts directly on Ethereum or Solana.
4. Forex collateral - institutions can lock USDCV as collateral for dollar‑denominated exposures without moving cash through the traditional banking rails.

A notable milestone came in August 2025 when USDCV was one of ten stablecoins used to settle the $1.15billion NYSE IPO of Bullish, marking the first public listing to rely on crypto‑based settlement.

Market performance and adoption

As of October 2025, the circulating supply stands at about 32.25million tokens, with a market cap hovering just over $32million. Daily trading volume is modest - roughly $27‑$29million across the few exchanges that list the coin - reflecting its early‑stage, institution‑focused rollout.

Price data from two trackers shows a tiny spread:

• LiveCoinWatch: $1.0007 (+0.21% 24‑h)
• CoinGecko: $1.01 (+0.31% 24‑h)

These numbers illustrate the tight peg typical of well‑backed stablecoins.

How to get USDCV

Because of the EMI licensing, SG‑FORGE only permits qualified institutional participants and certain regulated brokers to hold USDCV. Retail investors in the United States cannot directly buy the token, a limitation driven by both MiCA compliance and existing US securities law.

If you are an eligible entity, you can access USDCV through:

• Direct custodial accounts with BNY.
• Supported crypto exchanges that have listed USDCV (e.g., Kraken, Bitstamp - note that listings are still limited).
• Qualified market makers that provide over‑the‑counter (OTC) desks for large‑scale purchases.

Once you have USDCV in a wallet that supports either ERC‑20 or SPL standards, you can move it instantly across the two chains, use it in DeFi protocols, or settle fiat‑linked invoices.

Risks and things to watch

Even institutional stablecoins carry risk. Here are the main points to consider:

• Regulatory change: MiCA is still evolving. Future EU rules could adjust reserve requirements or reporting obligations.
• Custody concentration: BNY holds all reserves. Any operational issue at the custodian could affect liquidity.
• Limited market depth: Low daily volume means price slippage can happen if you try to move large sums quickly.
• Geographic restriction: U.S. residents are barred from buying USDCV, which caps potential user growth.

For institutions, the upside often outweighs these concerns because the token offers a regulated, transparent bridge between traditional finance and blockchain.

Bottom line

If you need a dollar‑stable coin that carries the backing of a major European bank and complies with the newest EU crypto rules, USDCV is worth a look. Its dual‑chain approach gives you flexibility, and its EMT classification provides a level of legal certainty that most DeFi tokens lack. Expect modest trading volumes for now, but keep an eye on institutional adoption - especially as more companies experiment with on‑chain settlement.