Bullish Europe Lists Société Générale’s USDCV Stablecoin

The move follows Société Générale-Forge’s June announcement that it would launch USDCV with Bank of New York Mellon acting as custodian. The French financial services arm has already pioneered a euro-pegged EUR CoinVertible (EURCV), which debuted in 2023 for institutional clients. The addition of USDCV marks a broadening of its scope, serving use cases including remittances, payments, foreign platform, and store-of-value functions.

“We view USDCV as a tool for both retail users and institutions,” a Société Générale-Forge spokesperson told Cointelegraph, stressing the importance of regulated infrastructure for trust and adoption. Both USDCV and EURCV qualify as e-money tokens under MiCA, and Société Générale-Forge has secured an electronic money institution license from French regulators to issue them.

Investor Takeaway

Europe’s Stablecoin Momentum

While U.S. players such as Tether and Circle have long dominated the global stablecoin landscape, Europe is catching up rapidly. In July, EUR AU, a euro-backed stablecoin venture supported by Deutsche Bank’s DWS, Flow Traders, and Galaxy Digital, debuted on ETH and received BaFin approval. Around the identical time, Paxos introduced the Global Dollar (USDG) in the EU, structured for MiCA compliance and supervised in both Finland and Singapore.

MiCA has created a harmonized framework that has already attracted 10 stablecoin issuers this year. Notably absent, however, is Tether’s USDt, the world’s largest stablecoin, which has not yet received authorization in the bloc. For institutional users, this gap creates opportunities for newcomers like Société Générale-Forge to gain market share under Europe’s “passportable” rules for e-money tokens.

By securing MiCA compliance ahead, Bullish Europe and its partners can position themselves as credible providers to banks, fintechs, and payment firms across the bloc. The strategy builds on the regulatory-first branding that Bullish has cultivated since its 2021 launch by Block.one and subsequent $1.1 billion IPO in New York in 2025.

Regulatory Concerns Persist

Despite progress, European policymakers remain cautious. Last week, a senior Bank of Italy official warned that stablecoins issued by entities across multiple jurisdictions could threaten the EU financial system unless tightly controlled. Christine Lagarde, president of the European Central Bank, has also called for addressing regulatory gaps, warning against stablecoins outside the MiCA framework.

ECB adviser Jürgen Schaaf echoed the concern in July, warning that U.S.-issued stablecoins pose a systemic risk to the euro’s stability. Italian finance officials have even suggested U.S. stablecoin policies could be more damaging to local economies than U.S. tariffs. These warnings highlight the geopolitical stakes of stablecoin adoption, especially as U.S. dollar-linked tokens gain traction among European users.

Against this backdrop, Société Générale-Forge’s launch of MiCA-compliant tokens represents an attempt to offer a “European alternative” that aligns with regulatory standards and reduces reliance on offshore products. For Bullish Europe, being the first platform to list USDCV could assist attract institutional clients looking for regulated liquidity and confidence in compliance.

Investor Takeaway

What’s Next

The listing of USDCV marks the beginning of a larger push by Bullish Europe and Société Générale-Forge to embed stablecoins into both retail and institutional payments. With EURCV already live and USDCV joining its roster, Société Générale has become one of the few traditional banks globally to launch multiple regulated stablecoins. The partnership with BNY Mellon as custodian adds credibility and aligns with institutional risk standards.

For investors and market participants, the move signals the begin of a more competitive era in European stablecoins. If adoption grows, EU-compliant tokens could reduce dependence on offshore providers, set new standards for transparency, and provide liquidity to decentralized and centralized platforms alike. For Bullish, ahead adoption of regulated assets may assist it carve out a stronger European footprint, complementing its U.S. ambitions later than securing a BitLicense in New York.