Societe Generale Announces Consensys Partnership For USDCV

Societe Generale has partnered with Consensys.

The large French Bank and its digital asset arm SG Forge has announced a new partnership with the industry's long-standing leader Consensys. Specifically, the focus of this will is to scale SG Forge's USD CoinVertible stablecoin and make it available inside MetaMask.

CEO of SG Forge Jean-Marc Stenger expressed:

“By introducing our stablecoin into one of the world’s most widely used Web3 wallets, we’re helping accelerate the emergence of an interoperable financial system, combining the advantages of blockchain technology with the security and compliance of a European issued asset, supported by a major bank”.

The benefits of this to the USDCV stablecoin are broad. There is a more concentrated effort to expand liquidity and use USDCV as potential deposit collateral in DeFi. Importantly, the announcement also shares an indirect partnership with Transak, which provides the underlying technology for depositing and converting fiat to stablecoins.

Up until now, the adoption of stablecoin intiatives by large financial institutions and big banks hasn't been the best or the fastest either among early crypto adopters or regular stablecoin users. Partly this is because they came later into the game, and partly there is a question of what does it provide that existing stablecoins do not.

Such an initiative therefore aims to test if the infrastructure built from traditional finance providers first works as it should and global volume scales for daily transactions, as well as seek to compete with top stablecoin issuers. Per DeFiLlama, USDCV currently sits on a $26M market cap across two large networks: Ethereum and Solana.