The Bullish Europe trading platform is the first regulated exchange in the EU to list Societe Generale’s new stablecoin USD CoinVertible (USDCV). The offering is supervised by BaFin and complies with the requirements of the European MiCA regulation.
USDCV is intended to be available to both retail and institutional investors, usable for remittances, foreign exchange transactions, payments, and as an investment. The stablecoin is held by the Bank of New York Mellon.
USDCV follows the launch of EUR CoinVertible (EURCV) in 2023, which is already aimed at institutional clients. Both stablecoins are considered e-money tokens in the EU and are freely transferable.
While the US has dominated the stablecoin market so far, Europe is pushing ahead with new projects: In addition to USDCV, the EURAU stablecoin (backed by Deutsche Bank subsidiary DWS and Galaxy) and Paxos’ Global Dollar (USDG) have recently been launched.
Although MiCA provides more clarity, politicians and central bankers warn of the risks posed by stablecoins outside the EU. ECB President Christine Lagarde recently called for regulatory loopholes to be closed to prevent the dominance of the US dollar from increasing.