Société Générale is preparing to break new ground as the first major global bank to launch a publicly tradable, dollar-backed stablecoin, a move that deepens institutional adoption of blockchain-based finance and signals growing confidence in the role of stablecoins as the future of money movement.

The new digital asset, dubbed “USD CoinVertible”, will be issued by SG-FORGE, the bank’s digital asset-focused subsidiary, and will debut on the Ethereum and Solana blockchains. It is expected to begin public trading in July, expanding the reach of the euro-based stablecoin infrastructure SocGen began building in 2023.

Though Société Générale’s earlier euro-denominated token has seen limited uptake—only €41.8 million in circulation—this new dollar-pegged launch aligns with market dynamics where dollar-backed stablecoins dominate global digital asset liquidity, driven primarily by private players like Tether and Circle. By offering a regulated, MiCA-compliant alternative, SG-FORGE aims to capitalize on surging institutional demand for more transparent and regulated stablecoin solutions.

“There is a very, very strong need for well-regulated, robust offerings in the crypto and stablecoin space,” said Jean-Marc Stenger, CEO of SG-FORGE, adding that more than 15 crypto exchanges and brokers are already being onboarded as clients.

The USD CoinVertible will be fully backed by U.S. dollars held in custody by BNY Mellon, one of the world’s largest custodians. Initially, reserves will remain in cash accounts, but SG-FORGE says it will eventually begin investing them into low-risk, yield-generating assets—mirroring a key revenue model used by other stablecoin giants.

A Signal of Growing Institutional Confidence

SocGen’s entry reflects a broader institutional shift into stablecoins, a sector once seen as speculative but now increasingly embraced by banks, fintechs, and governments. Stablecoins, digital tokens pegged to fiat currencies, allow faster and cheaper cross-border payments, facilitate crypto trading, and support blockchain-based finance systems such as DeFi.

Tether, the sector’s dominant force, now has over $155 billion in circulation. In 2024, the company became the seventh-largest buyer of U.S. Treasuries, a testament to the scale and influence that stablecoin issuers now wield in global finance.

Circle, the second-largest issuer, went public on June 5 and saw its shares jump nearly 50% in the first two days of trading, further cementing confidence in the stablecoin business model.

On the policy side, U.S. lawmakers are actively advancing legislation to regulate stablecoins, with bipartisan support emerging for frameworks that would bring transparency to reserve holdings and operational standards. Earlier this year, Bank of America’s CEO confirmed the bank is exploring its own stablecoin, while other major financial institutions are rumored to be considering a joint digital dollar project.

Meanwhile, the European Union’s MiCA regulation, already in force, gives EU-based players like SocGen a legal head start in launching stablecoins that meet rigorous consumer protection and reserve transparency standards—something U.S. regulators are still debating.

Traditional Finance Eyes DeFi Railroads

SG-FORGE’s dollar stablecoin is designed to support a range of use cases, from foreign exchange transactions and cross-border payments to collateral management and crypto trading. Unlike earlier bank experiments that limited token usage to internal transfers or private blockchains, this launch is aimed at public crypto markets, a critical leap into a space traditionally dominated by decentralized players.

While crypto-native firms have long ruled the stablecoin space, Société Générale’s move blurs the line between traditional banking and decentralized finance, opening the door for regulated institutions to directly challenge crypto incumbents on their turf.

With the USD CoinVertible rollout, the question now becomes whether regulation, stability, and brand trust can outweigh the speed and first-mover advantage of private issuers like Tether and Circle. SocGen’s push suggests that, at least in Europe and among corporate clients, the answer may be yes.

As the lines between crypto and traditional banking continue to dissolve, the launch of bank-issued stablecoins like CoinVertible is expected to mark the beginning of a new phase—where central banks and commercial banks start shaping the future of money, not from the sidelines, but from the blockchain itself.

Paramount Global is eliminating 3.5% of its U.S. workforce in another round of job cuts, the latest signal of deepening distress within the traditional media industry as audiences continue to migrate away from cable television.

This marks the company’s second major workforce reduction in a year, following a far more sweeping 15% cut in 2024, and comes as Paramount attempts to stabilize its balance sheet and sharpen its focus on streaming.

Although the broader corporate world is in the midst of a wave of AI-induced layoffs—with major firms citing automation and artificial intelligence as reasons for shrinking headcounts—Paramount’s decision appears to be more closely tied to structural shifts in its business model rather than AI replacing jobs. According to internal sources, the reductions are aimed at streamlining operations as revenue from its legacy television businesses continues to shrink.

“These changes are necessary to address the environment we are operating in and best position Paramount for success,” wrote Paramount’s co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins in a memo to staff.

Old Media, New Pressures

Paramount, which had 18,600 employees globally as of the end of 2024, is one of several legacy media companies now in a second wave of painful downsizing. In recent days, Disney and Warner Bros. Discovery have also cut staff to adapt to the collapsing economics of linear TV. Despite continuing to generate cash, the traditional television model—based on bundled cable subscriptions and advertising—is rapidly being eclipsed by streaming.

This media-wide reset has led Warner Bros. Discovery and Comcast to announce plans to spin off their linear TV units into standalone businesses, essentially severing their ties to a once-core revenue stream now seen as a drag on long-term growth.

Paramount, which owns CBS and MTV among other channels, hasn’t announced a spinoff. Instead, it is attempting to reposition through a proposed merger with Skydance Media—a deal that is now being closely watched not just by investors but also by regulators and political stakeholders, given CBS’s entanglement in a legal dispute involving President Donald Trump and the network’s flagship news magazine, 60 Minutes.

Not an AI Story—This Time

The latest round of job cuts comes as companies across industries have begun pointing to AI technologies as a reason for reducing their workforces. From Big Tech firms like Google and Meta to banks and even media outlets, automation and generative AI tools have started to replace certain roles—particularly in support, administrative, and content production teams.

However, Paramount’s cuts appear to be motivated more by macroeconomic pressure and declining linear revenue than by any direct AI rollout, according to executives familiar with the matter. While the company has invested in streaming innovation, there’s no indication that artificial intelligence played a central role in the latest round of layoffs.

Even so, the timing of the announcement—at a moment when AI is making headlines for reshaping job markets—raises broader questions about how the entertainment industry will evolve as automation capabilities mature.

Leadership Shakeup & Strategic Uncertainty

The restructuring follows a major leadership shakeup. CFO Naveen Chopra has exited to join Roblox, a gaming and social platform. Paramount has appointed Andrew Warren—a longtime advisor to the CEO’s office—as interim finance chief. Meanwhile, the company is also reeling from the recent departures of Wendy McMahon and Bill Owens, two top news executives who reportedly quit over frustrations tied to CBS’s handling of the Trump legal saga.

Paramount executives have emphasized that despite the challenges, the company continues to post streaming success. Recent hits such as Mission: Impossible — The Final Reckoning, MobLand, and the NCAA Tournament have delivered strong performances on Paramount+, the company’s flagship streaming platform.

However, streaming has only recently begun to turn a profit, and with mounting regulatory hurdles for its merger, internal leadership gaps, and the ever-present risk of political interference, Paramount is under pressure to show that it can transition away from its decaying legacy model without losing its creative edge—or its talent.

The company says the layoffs may also eventually impact international staff, pending local laws. In the U.S., most affected workers are being notified this week.

Paramount will reduce its U.S. workforce by 3.5%, affecting several hundred employees, according to an internal memo reviewed by several news outlets. The news comes shortly after reported headcount reductions at rivals Disney and Warner Bros. Discovery. Last June, Paramount announced a plan to cut jobs and reduce spending; in August, the company cut 15% of its U.S. workforce. Paramount’s pursuit of regulatory approval for a proposed merger with Skydance Media, meanwhile, has been held up by a legal battle between CBS and the federal government.