EU-Ready Stablecoin Waits as U.S. Regulatory Haze Delays Global Expansion

Societe Generale-FORGE, the cryptocurrency-focused subsidiary of France’s Societe Generale, has selected Bullish Europe as the first exchange to list its USD CoinVertible (USDCV) stablecoin. The dollar-denominated stablecoin, introduced on Ethereum and Solana in June 2025, is now available on Bullish Europe, a division of the crypto exchange Bullish Global. The partnership marks a significant step in the bank’s strategy to expand its stablecoin offerings under the EU’s Markets in Crypto-Assets (MiCA) regulatory frameworkSociete Generale Selects Bullish Europe to Debut Its USD Stablecoin^[1].

The USDCV stablecoin is fully compliant with MiCA, which enforces stringent requirements for stablecoin issuers, including reserve transparency and redemption rightsSociete Generale Selects Bullish Europe to Debut Its USD Stablecoin^[1]. However, U.S. availability remains pending due to the delayed implementation of the GENIUS Act, a U.S. stablecoin regulation passed in July 2025. Jean-Marc Stenger, CEO of Societe Generale-FORGE, emphasized that the lack of regulatory clarity in the U.S. has delayed access for American investors. “We restrict access to non-U.S. investors for now, but once the U.S. regulatory environment is clear, we aim to lift this constraint,” he statedSociete Generale Selects Bullish Europe to Debut Its USD Stablecoin^[1].

Societe Generale-FORGE’s EUR CoinVertible (EURCV) stablecoin, launched in 2023, has demonstrated robust performance, with approximately €40 million ($47 million) in daily turnoverSociete Generale Selects Bullish Europe to Debut Its USD Stablecoin^[1]. The bank has expanded the number of exchanges and brokers capable of minting and burning its stablecoins, with 10–15 additional platforms in the queue for onboarding. Stenger highlighted the importance of a unified know-your-customer (KYC) process for onboarding partners, aligning with the bank’s broader risk management standardsSociete Generale Selects Bullish Europe to Debut Its USD Stablecoin^[1].

The EURCV’s recent restructuring under MiCA has further enhanced its utility, enabling free transferability without whitelisting restrictions and positioning it for integration into decentralized finance (DeFi) ecosystems. The stablecoin’s compliance with MiCA includes a transition to an Electronic-Money Token (EMT) and obtaining approval as an Electronic Money Institution (EMI) from the French Autorité de contrôle prudentiel et de résolution (ACPR). This move supports broader adoption while maintaining high security and transparency standards.

Societe Generale-FORGE’s strategic focus on regulated stablecoins reflects a broader trend among institutional players to align with emerging crypto frameworks. While the bank remains a leader in stablecoin innovation, the sector’s expansion is contingent on regulatory harmonization between the EU and U.S. frameworks. The GENIUS Act and MiCA, though differing in scope and enforcement, both emphasize reserve requirements, consumer protection, and market integrity. As the U.S. regulatory landscape clarifies, Societe Generale-FORGE aims to leverage its existing infrastructure to expand access to U.S. markets, solidifying its position in the evolving digital asset ecosystem.