Bullish Europe lists USDCV: Europe’s Response to American Stablecoins

Europe is stepping up its game on stablecoins. Bullish Europe has just listed USDCV, the new dollar-backed stablecoin launched by Société Générale-Forge. MiCA compliant and supervised by BaFin, this token marks a decisive turning point in the regulatory battle Europe is waging against the American giants in the sector.

SG’s USDCV now listed on Bullish Europe

The launch of USDCV by Société Générale-Forge (SG-Forge) on the Bullish Europe platform marks a turning point for Europe.

For the first time, a systemic bank on the continent offers a dollar-backed stablecoin, designed within a framework fully approved by regulators. Placed under BaFin supervision and compliant with the MiCA regulation, this project aims to provide a credible alternative to American giants such as Tether or Circle.

USDCV complements the EUR Coinvertible (EURCV), the euro stablecoin already available since 2023. Together, these two tokens constitute a dual strategic offering: euro and dollar, backed by reserves held at BNY Mellon and published daily to guarantee transparency and security.

According to an SG-Forge representative, USDCV targets both financial institutions and individuals, excluding US residents. Its uses will cover a wide range of applications: fund transfers, trading operations, cross-border settlements, and cash management.

Europe strengthens its strategy against American stablecoins

Until now, the United States largely dominated the stablecoin space. But with the MiCA framework coming into effect at the end of 2024, Europe is imposing new rules of the game. Around ten players, including Circle and Société Générale, have already obtained the precious regulatory seal.

USDCV illustrates Europe’s desire to offer a regulated crypto infrastructure capable of competing with the American heavyweights. Christine Lagarde, President of the ECB, recently reminded of the dangers of exclusive dollar dominance through stablecoins and insisted on the need for a common approach.

The launch of USDCV marks an important step for Europe in the stablecoin arena. While MiCA now structures the market, it does not convince all players: Tether chose to withdraw rather than comply. In the background, the digital euro in development could reshuffle the cards and strengthen the European monetary arsenal against the United States.