Bullish Europe GmbH has teamed up with Societe Generale-FORGE to launch a new dollar-backed stablecoin called USD CoinVertible, also known as USDCV. The token is the first of its kind to be listed under Europe’s Markets in Crypto-Assets Regulation, better known as MiCA.
The platform, regulated by Germany’s BaFin, announced the debut this week. USDCV is pegged to the U.S. dollar and gives access to both institutions and retail users. It follows the euro-backed EUR CoinVertible, also issued by SG-FORGE, which Bullish listed earlier this year.
Bullish CEO Marco Bodewein said, “We are proud to be the first to offer USDCV and to increase the availability and range of regulated stablecoins for our institutional investors.” He added the move highlights Bullish’s focus on compliant services for professional clients.
Jean-Marc Stenger, CEO of SG-FORGE, said, “Offering both our stablecoins through Bullish marks an important milestone in the evolution of regulated digital asset markets. Our partnership reinforces this commitment by providing investors with seamless access to our MiCAR-compliant stablecoins.”
USDCV is backed by U.S. dollars, and the Bank of New York Mellon holds the reserves. Notably, SG-FORGE also holds an e-money license in France, which makes both USDCV and EURCV valid as e-money tokens under MiCA rules.
The Introduction of this stablecoin gives investors and businesses in Europe another option. It can be used for payments, foreign exchange, or as a store of value. With both euro and dollar tokens available on the same platform, investors now have regulated digital options in two major currencies.
The launch arrives as Europe increases its activity in the stablecoin market. Deutsche Bank’s DWS-backed EURAU gained BaFin approval earlier this summer, and Paxos rolled out its Global Dollar under MiCA.
At the same time, regulators have warned that stablecoins outside the framework, including Tether’s USDT, may pose risks to the region’s financial system.
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