Société Générale is launching a dollar stablecoin.
On Ethereum.
For institutional use.
Public blockchain, private control.
First bank in the world to do it.
Let’s pause.
While giants like JPMorgan keep their stablecoins locked inside internal systems, Société Générale is going public, pushing a regulated dollar-backed token (after already issuing a euro one last year).
Big move?
Yes.
But let’s not be naive.
This isn’t about decentralization.
It’s about control.
The goal? Build a system parallel to crypto, but fully centralised, fully permissioned, and fully bank-run.
No access for the public
No transparency by default
And yes, still relying on the same stack: Infura, MetaMask, AWS; all routes that can be censored or monitored under the U.S. Cloud Act.
A programmable dollar, yes.
But programmable by who, and for what?
In this race, Europe’s retail stablecoin market is still stuck in the mud (~300M EUR vs ~250B USD). MiCA compliance is driving players away. Tether’s ghosting. Circle’s pivoting. But SG-Forge? They're seizing the vacuum to become the “compliant face” of programmable money.
Is that good or bad? Depends on what future you want.
At OffChain Luxembourg, we believe programmable money shouldn’t be programmable by the few, for the few.
It should be:
- Transparent
- Borderless
- Open by default
- Controlled by code and community, not closed-door deals
The infrastructure of tomorrow is being built today.
So let’s stay critical. Stay curious.
And build an alternative that doesn’t just look like the old system in digital disguise.
What’s your take?
Progress or parallel trap?
