Societe Generale-FORGE has signed a deal with Consensys to include its USDCV Coinvertible stablecoin in the MetaMask Web3 wallet. The wallet has 100 million users of which at least 30 million are active monthly, dramatically expanding the potential audience of users who leverage it for on and off-ramping, trading or DeFi.
USDCV has been given a very prominent position. If you go to trade an asset against USD on Ethereum the options are MUSD (MetaMask’s in-house stablecoin), Tether, Circle’s USDC and then USDCV. A fourth spot among dozens of stablecoins, including PayPal’s (in 11th spot), is a strong endorsement. That said, this is initially more likely to boost user numbers than market capitalization. For example, MUSD has top billing and just $19 million in issuance on Ethereum ($32m in total) with 230,000 Ethereum holders. By contrast, USDCV has a larger Ethereum market cap ($26m) but just 244 holders.
USDCV is MiCA-compliant and was launched last June with BNY as custodian. SocGen-FORGE’s EURCV stablecoin was the first to be issued by an affiliate of a systemically important bank. The euro stablecoin is now the second largest euro one (€105 million) behind Circle’s EURC.
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