SocGen Bets Big on Crypto, Lets MetaMask Hold USDCV

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Société Générale, that venerable European bank with more anniversaries than a museum exhibit, is once again wading into the digital asset swamp after more than 160 years of dodging the obvious and the opaque alike.

This time, the aim is to widen access to its dollar-backed stablecoin, because apparently stability is the new rock star and everyone wants to carry a little rock in their digital pocket.

USDCV Expansion

SG-FORGE, the crypto arm of SG, has made the USD CoinVertible (USDCV) token available on MetaMask through a partnership with ConsenSys. Bloomberg says the plan is to sprinkle bank-issued digital money into more wallets you can actually click on, not just the ones your accountant pretends exist. Announced on April 15, the move targets millions of users and could help lubricate on-chain liquidity while smoothing the transition between stodgy old finance and the wild DeFi frontier, all while causing regulators and counterparty watchdogs to frown with a mixture of curiosity and mild concern.

The French bank launched its dollar-backed stablecoin, USD CoinVertible (USDCV), on the Ethereum and Solana blockchains last year, with Bank of New York Mellon serving as the token’s reserve custodian.

Prior to USDCV’s introduction, SG-FORGE had launched a MiCA-compliant EUR stablecoin (EURCV). Even with snazzy branding and regulatory backing, EURCV struggled to gain traction in a market crowded by crypto bigwigs. In February, the platform deployed EURCV on the XRP Ledger (XRPL). This marked the fourth network supporting the stablecoin, alongside Ethereum, Solana, and Stellar.

SocGen’s Stablecoin Strategy

The stablecoin market is worth about $321 billion, led by Tether’s USDT with around $185 billion in value. USD Coin (USDC), issued by Circle, ranks second with a market cap of about $79 billion. The sector also saw many new entrants last year. Jean-Marc Stenger, CEO of SG-FORGE, says this trend drove the launch of its tokens, while acknowledging that the market remains largely USD-denominated.

“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. The stablecoin market remains largely US Dollar denominated. This new currency will enable our clients, either institutions, corporates or retail investors, to leverage the benefits of an institutional-grade stablecoin.”

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2026-04-15 10:59