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Societe Generale Bank of France Expands Cryptocurrency Business, Reaching Massive Users Through MetaMask Integration
According to Cointelegraph, Societe Generale Bank of France is collaborating with Consensys through its crypto division SG-FORGE to connect its USD stablecoin USDCV to the MetaMask wallet, broadening access for millions of users.
As a well-established European financial institution with over 160 years of history, Societe Generale previously launched USD-backed stablecoins USDCV on the Ethereum, Solana, and Stellar blockchains, with reserve custody managed by BNY Mellon.
Before the launch of USDCV, the bank issued a euro stablecoin EURCV that complies with the EU MiCA regulatory standards, and in February this year, it deployed EURCV on the XRP Ledger, making it the fourth blockchain network supporting this stablecoin after Ethereum, Solana, and Stellar.
However, despite Societe Generale’s strong brand background and regulatory compliance advantages, the euro stablecoin EURCV initially underperformed in a market dominated by mature crypto institutions.
Currently, the total global stablecoin market cap is approximately $321 billion, with USDT and USDC leading the market. SG-FORGE’s CEO stated that, given the rapid increase in market acceptance of stablecoins, launching a USD stablecoin was a natural choice for the bank.
Specifically, the stablecoin market remains primarily dollar-denominated. Therefore, the launch of the new USD stablecoin USDCV will enable our clients—whether institutions, enterprises, or individual investors—to enjoy the benefits and services of institutional-grade stablecoins.
Overall, Societe Generale is promoting institutional-compliant stablecoins through user self-custody wallets, targeting millions of users, with the goal of increasing on-chain liquidity and accelerating the integration of traditional finance with DeFi.
This move not only demonstrates traditional financial institutions’ ongoing exploration of digital assets but also highlights the bridging role of compliant stablecoins in connecting traditional finance with decentralized finance ecosystems, providing new pathways for industry innovation.