SG Forge Drops a Dollar Stablecoin Bomb on Ethereum
In a move that could redefine the stablecoin landscape, SG Forge — the crypto arm of Société Générale, one of Europe’s largest banking groups — is launching a dollar-backed stablecoin on Ethereum, according to a new report from The Big Whale. This marks the first time a global banking giant is issuing a US dollar stablecoin on a public blockchain — a huge leap from the walled gardens of JPMorgan’s internal-use-only JPM Coin.
SG Forge is also planning to expand the stablecoin to other blockchains, including Solana, after its Ethereum debut.
A Global Bank in the Dollar Stablecoin Arena
Until now, non-bank fintechs like Circle (USDC) and Tether (USDT) have dominated the $250B+ dollar-pegged stablecoin market. SG Forge’s move shifts that narrative by bringing in a fully licensed, institutionally compliant banking player — and doing it on the public chain layer where the crypto world actually lives.
- SG Forge already tested the waters with EUR CoinVertible (EURCV) in 2023, a euro-based stablecoin for institutions.
- That token has €40M in circulation — but euro stablecoins overall are still niche (only €300M market cap).
- By comparison, dollar stablecoins are booming, with nearly $250B in combined market cap.
The move also responds to rising demand in the EU for secure access to dollar liquidity in tokenized form.
What Makes This Legal?
SG Forge is legally cleared to issue this stablecoin in Europe thanks to its e-money license, similar to the one held by Circle. Under the EU’s MiCA (Markets in Crypto-Assets Regulation), only licensed entities can operate such stablecoins. SG Forge is one of the few bank-level issuers ready to play ball within those rules.
Regulation + Real-World Use Cases
This comes as stablecoins are becoming embedded in traditional finance:
- Visa, Stripe, and MasterCard are integrating stablecoin rails.
- US legislation like the GENIUS Act aims to bring stablecoins under stricter reserve and audit controls.
- Institutions are looking to ditch legacy systems and move real-world payments on-chain.
SG Forge’s entry sends a strong signal: regulated banking giants want in on the stablecoin gold rush — and they’re doing it the compliant way.
What’s Next?
The dollar stablecoin will be institutional-facing at launch, but retail integrations could follow depending on regulatory evolution and market appetite. SG Forge has also hinted at cross-chain functionality — Solana being next in line. This debut puts Société Générale in a first-mover position among banks — and may trigger a domino effect across European and global banking institutions eyeing similar launches.
