Societe Generale is putting its dollar-backed stablecoin into MetaMask, giving crypto users direct access to a bank-issued digital token.
French banking giant Société Générale (SocGen) is extending its push into crypto, putting its dollar stablecoin directly into widely used crypto wallets. Its digital asset unit, Société Générale-FORGE, has integrated the token with the MetaMask wallet through a partnership with Consensys, Bloomberg has learned.
SocGen’s USD CoinVertible (USDCV) is a dollar-backed stablecoin designed to hold a steady $1 value. Unlike many bank-issued tokens that stay inside closed systems, it’s issued on Ethereum and Stellar and is now accessible through the crypto wallet.
Read more: U.S. Banks Push Back Against White House Findings on Yield-Bearing Stablecoins
Not Quite Competing Yet
Listing on MetaMask places SocGen’s stablecoins in direct competition with established rivals like Tether (USDT▲$0.9987) and Circle (USD Coin), which dominate trading, payments and on-chain liquidity.
The gap remains wide. USDT has a market value of about $185 billion and USDC▼$0.9997 around $79 billion, while SocGen’s stablecoin stands just near $26 million, which is smaller than Fartcoin’s $193 million market cap, per data from CoinGecko.
Société Générale was among the earlier bank entrants into stablecoins, issuing a euro-denominated token in 2023 before adding the dollar version in 2024. But the first rollout drew criticism from the crypto community after its smart contract included a function allowing the issuer to freeze or burn tokens, a level of control more typical of traditional finance than DeFi.
