A European USD stablecoin gets a boost
Plus: the professional investor mood, the Beige Book and more
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Where the market goes over the next 12–24 months
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IN THIS NEWSLETTER
A European USD stablecoin gets a boost
Markets: the professional investor mood
Term of the day: Beige Book
Macro: what the Beige Book is saying
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A European USD stablecoin gets a boost
Yesterday, we got news that the first bank-issued US dollar stablecoin to be natively integrated into the MetaMask wallet… is from a European bank.
The USDCV stablecoin, issued by Société Générale’s FORGE subsidiary, will appear among a shortlist of stablecoins within the MetaMask wallet, on both the mobile and desktop apps. What’s more, reports suggest it has been given a prominent position: fourth, behind MetaMask’s own stablecoin MUSD and the industry giants USDT and USDC. It comes in way ahead of PayPal’s PYUSD, even though it is by all accounts still a small player – a market cap of $26 million, and only 245 holders.
There’s an interesting takeaway here, but first some background:
Société Générale was the first large global bank to issue a stablecoin on a public blockchain, with the launch of the euro-backed EURCV token on Ethereum back in April 2023. Since then, it has expanded to several other chains, including Solana, Stellar and the XRP Ledger, and today has a market cap of $125 million, making it the second largest euro stablecoin behind Circle’s EURC.
