Societe Generale’s crypto division, SG-FORGE, has expanded access to its dollar-backed stablecoin, USD CoinVertible (USDCV), by making it available on the MetaMask wallet. This partnership with Consensys aims to bring the bank-issued digital token to millions of users, potentially boosting compliant on-chain liquidity and bridging traditional finance with decentralized finance.
Société Générale is expanding access to its dollar-backed stablecoin through a partnership with Consensys. Its crypto arm, SG-FORGE, has made the USD CoinVertible (USDCV) token available on MetaMask, targeting millions of self-custody wallet users. The move is expected to potentially boost compliant on-chain liquidity and ease access between traditional finance and DeFi.
The French bank launched USDCV on the Ethereum and Solana blockchains last year. Bank of New York Mellon serves as the token’s reserve custodian. SG-FORGE previously launched a MiCA-compliant EUR stablecoin (EURCV) which was deployed on the XRP Ledger in February.
The stablecoin market is valued at approximately $321 billion, led by Tether’s USDT and Circle’s USDC. SG-FORGE CEO Jean-Marc Stenger said the growing market adoption drove the launch of its tokens. “After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially,” Stenger stated.
He noted that the market remains largely USD-denominated. “This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin,” he added.
