SocGen brings MiCA-compliant USDCV dollar stablecoin to MetaMask

Societe Generale-FORGE said MetaMask will add its MiCA-compliant USDCV stablecoin, extending distribution for one of Europe’s bank-backed digital dollars.

Societe Generale-FORGE, the digital asset arm of French banking giant Societe Generale, has integrated its Markets in Crypto Assets Regulation (MiCA)-compliant USD CoinVertible (USDCV) stablecoin into MetaMask, giving the wallet’s millions of users access to a regulated dollar token issued by a major European bank.

The company said in a release on Wednesday that under the partnership with Consensys, USDCV, which is backed by cash and cash-equivalent reserves and issued under French electronic money regulations, will be surfaced in MetaMask on mobile and web. The token is redeemable 1:1 in dollars and will be made available for functions including trading, decentralized finance interaction and fiat on-ramping, with Transak serving as the on-ramp provider.

The move expands access to one of the few dollar stablecoins issued by a major European bank. It also comes as regulated issuers seek to turn MiCA compliance into a commercial advantage by distributing tokens across widely used crypto platforms. SG-FORGE CEO Jean-Marc Stenger said the MetaMask rollout is intended to broaden access to compliant digital assets.

Under the European Union’s new framework, a growing but still relatively small pool of approved stablecoin issuers, with around 10 entities authorized so far, is competing for market share, making integrations with wallets like MetaMask increasingly important.

Consensys CEO Joseph Lubin said in the release that stablecoins are becoming a more important part of digital financial infrastructure.

Cointelegraph reached out to Societe Generale-FORGE and Consensys for comment but had not received a response by publication.

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SG-FORGE also issues EUR CoinVertible, a MiCA-compliant euro stablecoin first launched on Ethereum (ETH) in 2023. The token has since expanded as part of a multichain strategy to Solana, the XRP Ledger and Stellar, while USDCV is available on Ethereum and Solana and listed through several exchanges and partners, according to SG-FORGE.

The euro-denominated token has been part of broader efforts by Societe Generale-FORGE to test tokenized financial infrastructure, including participation in experiments involving tokenized bonds and settlement through blockchain networks.

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Source: CoinTelegraph