Euroclear to adopt SocGen USDCV stablecoin for commercial paper settlement

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Euroclear plans to use Societe Generale-FORGE’s USDCV stablecoin as a settlement asset for commercial paper transactions. The move supports Project Pythagore, which aims to tokenize the negotiable EU commercial paper market. Euroclear is aligning the initiative with central bank money settlement efforts, including the ECB’s Project Pontes and Banque de France infrastructure. The stablecoin option matters because the existing wholesale CBDC path only works for euro settlement, while USDCV can support dollar-denominated commercial paper.

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