Bullish Europe Leads with USDCV Stablecoin Listing

Bullish Europe has taken a pioneering step in the cryptocurrency sphere as it has become the first platform to list the USD CoinVertible (USDCV) stablecoin, developed by Société Générale-Forge. The announcement made on September 23 underscores a significant milestone in the evolution of regulated digital assets in Europe.

A Foundation Built on Innovation

Société Générale-Forge, a trailblazer in blockchain solutions, initially paved the way with the launch of its Euro-pegged stablecoin, EUR CoinVertible (EURCV), targeting institutional clients. This move not only positioned France at the forefront of the European stablecoin market but also laid down the necessary technological and regulatory groundwork for the subsequent release of the USDCV. The stablecoin has been certified by Germany’s BaFin and the EU’s MiCA, ensuring rigorous compliance and user confidence.

The Launch of USDCV

The USDCV issuance gained momentum in June 2024 when SG-Forge partnered with BNY Mellon, an established American banking institution, designated to handle custody operations. USDCV offers varied uses ranging from cross-border payments and foreign exchange transactions to remittances and value storage, underscoring its versatility across retail and institutional sectors.

Regulatory Assurance and Market Expansion

Bullish Europe’s strategic decision to list USDCV not only reinforces its regulatory compliance under BaFin and MiCA but also enhances its market footprint by allowing seamless transfer of e-money tokens recognized by the EU. SG-Forge’s attainment of the E-Money Institution License from France’s ACPR further legitimizes its stablecoin dealings.

European Stablecoin Scene Intensifies

The European stablecoin competition intensifies with entries like EURAU, supported by Deutsche Bank’s DWS, Flow Traders, and Galaxy Digital. Similarly, Paxos’s USDG stablecoin has cleared regulatory approvals in Finland and Singapore. In early 2025, several stablecoin issuers passed MiCA certification, reflecting a highly competitive landscape.

Navigating International Risks

Despite smooth regulatory advancements, European officials remain wary of the potential impact of foreign stablecoins. Italy’s Finance Minister Giancarlo Giorgetti warned in April about the risks posed by the U.S. stablecoin policies, which he considers more hazardous than tariffs. Last summer, ECB’s Jürgen Schaaf expressed concerns regarding U.S. stablecoins undermining the euro’s global standing. In response, ECB President Christine Lagarde and Italian central bank officials have emphasized the need for legislative adjustments to plug regulatory gaps, safeguarding the EU’s financial integrity against systemic risks.