USD CoinVertible (USDCV) is a fiat-backed US dollar stablecoin issued by Societe Generale-FORGE. It has about $11.5M in circulation, ranking #125 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDCV?
USD CoinVertible (USDCV) is a fiat-backed US dollar stablecoin issued by Societe Generale-FORGE. It has about $11.5M in circulation, ranking #125 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: The institutional investor can buy USDCV, 1:1 by sending USD to SG-FORGE bank account or buy EURCV, 1:1 by sending Euro to SG-FORGE bank account.
USDCV supply history
USDCV supply fell 8.0% over the past 30 days, to $11.5M. Its peak was $32.3M in September 2025, and supply is 64% below that high.
Is USDCV holding its peg?
USDCV is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDCV lives: supply by blockchain
Supply is concentrated: Ethereum holds 83% of all USDCV. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDCV is backed
USDCV is backed by US dollar cash and cash equivalents.
Minting and redemption: USDCV or EURCV can be redeemed 1:1 against fiat USD (for USDCV) or EUR (for EURCV)
Reserve reports and audits: sgforge.com
USDCV risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $11.5M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDCV vs USDT and USDC
Similar fiat-backed stablecoins
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USDCV FAQ
What is USDCV?
USD CoinVertible (USDCV) is a fiat-backed US dollar stablecoin issued by Societe Generale-FORGE. It has about $11.5M in circulation, ranking #125 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDCV pegged 1:1 to the US dollar?
USDCV targets 1 USD. At the last update it traded at $0.9959, a deviation of -0.41%, which we classify as "on peg".
What backs USDCV?
USDCV is a fiat-backed stablecoin. US dollar cash and cash equivalents.
Which blockchains is USDCV on?
USDCV is live on 2 blockchains. The largest by supply are Ethereum ($9.6M), Solana ($2.0M).
How much USDCV is in circulation?
About $11.5M of USDCV was in circulation at the last update, -8.0% over 30 days. That makes it the #125 stablecoin by supply among those we track.
Does USDCV pay interest?
No. USDCV does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by USDCV.
Is USDCV safe?
No stablecoin is risk-free. As a fiat-backed design, USDCV's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.