USDCV, issued by Société Générale - FORGE, is a fiat-pegged stablecoin structured as an electronic money token that is pegged at a nominal value of one U.S. dollar (USD) per token and is fully collateralized by segregated reserve assets. [S1]

Holders receive a token tracking the U.S. dollar (USD) at par, fully collateralized by Collateral Assets comprising non-invested cash, cash distributions, and highly liquid financial instruments with minimal market, credit, and concentration risk, denominated in USD and compliant with MiCA Article 38 and 54 investment rules. [S2][S1] The token gives rise to no interest, remuneration, or distribution related to holding period. [S1] The issuer discloses no holder issuance or redemption fee in the ordinary course. [S1]

Société Générale - FORGE, a French société anonyme, is authorized as an electronic money institution by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) and registered as a Digital Asset Service Provider with the AMF. [S2][S1] USDCV is an e-money token under MiCA Article 3.1(7); EEA-resident holders hold a claim against the issuer and may redeem at par at any time. [S2][S1] Subscription is restricted to Permitted Transferees who are not U.S. persons under Regulation S and clear KYC, AML, and sanctions controls. [S2][S1] Reserve assets sit in segregated accounts protected against issuer creditors. [S2]

USDCV is implemented as a fungible smart contract token using ERC-20 on Ethereum and Token-2022 on Solana, fungible across chains. [S1] Minting occurs after a Valid Purchaser delivers funds to a segregated account custodied by The Bank of New York Mellon SA/NV (BNY). [S1][S3] Reserve composition and valuation are published daily on the SG-FORGE website; redemption settles in fiat. [S4][S1]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.sgforge.com/wp-content/uploads/2025/08/SG-Forge-USDCV-White-Paper_V2.0_Ethereum_Solana_11082025.pdf" },
    { id: "S2", url: "https://www.sgforge.com/wp-content/uploads/2025/10/EURCV-WP-Ethereum-Solana_XRPL_Stellar_2025.10.14.pdf" },
    { id: "S3", url: "https://www.sgforge.com/usd-stablecoin-bny-custodian/" },
    { id: "S4", url: "https://www.sgforge.com/product/coinvertible/" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

website

Stablecoin issuers

Societe Generale

USD CoinVertible (USDCV) is a U.S. dollar stablecoin issued by Societe Generale through Société Générale - FORGE.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in cash, in segregated accounts within a bankruptcy-remote structure.

They sit with The Bank of New York Mellon Corporation (BNY).

Institutions can mint and redeem directly with Societe Generale in USD after completing KYC, and holders have a contractual right to redeem at par.

Société Générale - FORGE is incorporated in France and is supervised by the Autorité de contrôle prudentiel et de résolution (ACPR) and the Autorité des marchés financiers (AMF).

Holder terms are governed by the law of France.

USDCV has been issued on public blockchains since June 2025 and is native to Ethereum and Solana.

USD CoinVertibleUSDCV