Societe Generale-Forge (SG-Forge), a regulated subsidiary of Societe Generale Group, has announced the launch of a new stablecoin pegged to the euro and issued on the Ethereum blockchain. The company’s CEO stated that a stablecoin “built under a robust banking-grade structure” will play a crucial role in increasing trust and confidence in the native cryptocurrency ecosystem. SG-Forge’s euro stablecoin, EURCV, aims to be an institutional-grade, fiat-pegged token, adding security and transparency for institutional investors. The company’s efforts are in harmony with banking, legal, and regulatory requirements as part of the group’s overall strategy.
SG-Forge’s announcement notes that the creation of digital assets with stabilisation mechanisms, such as stablecoins, built under a robust banking-grade structure, will be a key element to increase trust and confidence in the native crypto ecosystem. SG-Forge’s CEO, Jean-Marc Stenger, added that this issuance is a major step in the company’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain technology. According to etherscan.io data, there is a maximum total supply of 10,000,000 EURCV as of today, with only one holder, suggesting that SG-Forge has not yet distributed the stablecoin.
SG-Forge’s EURCV contract admin can take funds from an owner and burn their EURCV. The Web3 security startup Gopluslabs’ contract analyzer indicates that there is a “risky item” added to the smart contract and three more items that people should be aware of. The risk assessment says “the contract owner has the authority to modify the balance of tokens at other addresses, which may result in a loss of assets.” The contract also contains a “whitelist function,” which means “some addresses may not be able to trade normally,” according to Gopluslabs’ contract analyzer.
Software engineer Cygaar, who discovered some of the issues with SG-Forge’s EURCV contract, questioned why the bank decided to issue an ERC20 in the first place. “What’s the point of making this an ERC20? They’d be much better off using Onyx (JPM’s internal system) or some internal [database] since they’re looking for a centralized settlement layer. An ERC20 token does not fit their use case,” the blockchain programmer added.
SG-Forge’s euro stablecoin, EURCV, is a new addition to the cryptocurrency ecosystem. While the industry already has a few euro-backed stablecoins issued by Circle Financial and Tether, SG-Forge’s stablecoin aims to be an institutional-grade, fiat-pegged token. The company’s approach involves creating measures in the realm of digital assets that aim to add security and transparency for institutional investors. The efforts are in harmony with banking, legal, and regulatory requirements as part of the group’s overall strategy, according to SG-Forge’s announcement.
The launch of SG-Forge’s euro stablecoin is being discussed on social media, and claims show that SG-Forge’s EURCV contract admin can take funds from an owner and burn their EURCV as well. The Web3 security startup Gopluslabs’ contract analyzer indicates that there is a “risky item” added to the smart contract and three more items that people should be aware of. The risk assessment says “the contract owner has the authority to modify the balance of tokens at other addresses, which may result in a loss of assets.” The contract also contains a “whitelist function,” which means “some addresses may not be able to trade normally,” according to Gopluslabs’ contract analyzer.
In conclusion, SG-Forge’s euro stablecoin, EURCV, is a new institutional-grade, fiat-pegged token that aims to add security and transparency for institutional investors. While the industry already has a few euro-backed stablecoins issued by Circle Financial and Tether, SG-Forge’s stablecoin is unique in its approach, which involves creating measures in the realm of digital assets that aim to add security and transparency for institutional investors. The efforts are in harmony with banking, legal, and regulatory requirements as part of the group’s overall strategy. However, some concerns have been raised regarding the smart contract, and it remains to be seen how SG-Forge will address these issues.
