French banking giant Société Générale is poised to enter the crypto arena with a new token called FORGE. The news was released initially by the CEO of the Bank, Jean-Marc Stenger.
CEO’s Take
Stenger released a statement, “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.”
Stenger further added, “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.”
The French bank agreed that the American bank, Bank of New York Mellon Corporation (BNY), will serve as the “reserve custodian, enabling seamless integration between traditional and digital financial ecosystems.”
Therefore, this seamless transition will be facilitated by American authorities and financial institutions. As per the French Bank, the use case for the stablecoin would be multiple. As a result, making it one of the most anticipated European-based tokens to be released.
