Dollar stablecoin
Société Générale-FORGE, bank, on Ethereum since July 2025.
USD CoinVertible, with BNY as reserve custodian; also on Solana. Per the issuer's own breakdown on the same page, 89.63% is held by BNY and 10.37% by Société Générale: again, circulation concentrated in the issuer and its custodian rather than distributed to users.
In the record
13
months from first observation to the record's assessment of August 2026
9
bank rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R1Can we hold and administer this the way we hold everything else?
available
Qualified custody, fund administration and in-kind creation are available from named providers under existing mandates.
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.