Bankers & Tokens: A Match Made in…Europe? 💸

by

Finance

  • So, the French at Societe Generale, they’re playing with digital trinkets now. USDCV, they call it. Sounds… substantial. 🤔
  • Uncle Sam’s still fiddling with rules (that GENIUS Act…genius, eh?), so Americans must wait. Patience, comrades!
  • Ten, fifteen exchanges begging to print this stuff? The queue stretches longer than a breadline in ‘21.

Societe Generale-FORGE (SG-FORGE), a chilly offspring of that grand French banking house, has deigned to let Bullish Europe be the first to display their…CoinVertible (USDCV). A stablecoin. Like anyone’s stability is *guaranteed* these days! 🙄

This dollar-flavored USDCV, birthed onto Ethereum and Solana last June – a veritable spring awakening for digital finance – will grace Bullish Europe with its presence. Bullish Global, incidentally, owns CoinDesk. A curious arrangement. One wonders where the reporting will lean…

Regulations, of course, are stirring. MiCA, they call it. Sounds like a demanding aunt. SG Forge’s USDCV, like its euro cousin (EURCV), is forced to bow to its authority. A humbling experience for those used to steering the entire financial sea.

Jean-Marc Stenger, the CEO of this operation, yammers on about the GENIUS Act. Still not “fully” regulated, he says. Meaning? Meaning it’ll be months before Americans can partake. A bank, you see, *must* have clarity. Can’t be galloping ahead like some…crypto libertarians. 😒

“We don’t have this clarity in the U.S.,” he states, as if clutching his pearls. “Being a bank subsidiary, if we don’t have a clear picture, we can’t go ahead like a crypto player.” A crypto player! A scandalous notion! As if daring to innovate without a committee’s blessing.

“Several months,” he sighs. “So for now, we restrict the access…to non-U.S. investors.” Such hardship! But when the rules are decree’d, they *will* lift this constraint. Oh, the generosity!

Much chatter amongst the suits about stablecoins. The intoxicating scent of MiCA and the bizarre spectacle of Trump potentially embracing crypto. But for now, SocGen fancies itself a trailblazer. Let them have their illusions. 🎪

Their EURCV, launched in ’23, boasts a mere €40 million ($47m) of daily turnover. Modest, truly. Exchanges and brokers are lining up to mint and burn, naturally. Ten, fifteen… the desperation is palpable.

“One single KYC procedure!” Stenger proclaims, with an air of revolutionary efficiency. “We onboard crypto exchanges the same way SocGen will onboard any other client.” A grand gesture. Occasionally a boon to the crypto players, but “important towards building strong partnerships.” A partnership, you understand, where the bank clearly holds all the cards. 👑

Read More

2025-09-23 09:50