Tag: Stablecoin

Societe Generale Subsidiary Launches Euro Stablecoin, but Faces Criticism Over Smart Contract Issues – Bitcoin News

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According to Societe Generale-Forge (SG-Forge), a regulated subsidiary of Societe Generale Group, the company has launched a stablecoin pegged to the euro and issued on the Ethereum blockchain. During the launch announcement, SG-Forge’s CEO stated that a stablecoin “built under a robust banking-grade structure” will be a key element to increase trust and confidence in the native cryptocurrency ecosystem. SG-Forge Reveals Institutional-Grade Stablecoin EURCV A new euro-denominated stablecoin is coming to the cryptocurrency ecosystem, issued by SG-Forge, a digital currency-focused subsidiary of the French multinational investment bank and financial services…

Euro stablecoin faces centralization criticism

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Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions. French bank Societe Generale-Forge (SGF) released the Ethereum-based stablecoin called EUR CoinVertible (EURCV) on April 20 which is available to only qualified institutional clients. According to observers who reviewed its smart contract code, ERC-20 transfers need to first be approved by a centralized registrar — presumably one controlled by the bank — before the transaction is processed. In an April 20 tweet, pseudonymous smart contract engineer “alephv.eth” explained: “They coded…

Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M of Circle’s USDC Stablecoin to Coinbase Custody

CryptoX – Cryptocurrency Analysis and News Portal Maker, one of the largest decentralized lending protocols, is led by a decentralized autonomous organization (DAO), in which holders of its native maker (MKR) token vote on proposals. The protocol also issues the $5 billion DAI stablecoin, backed by some $7 billion worth of assets in Maker’s reserves. Original Source The post Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M of Circle’s USDC Stablecoin to Coinbase Custody appeared first on CryptoX. CryptoX Portal

Societe Generale Subsidiary SG-Forge Launches Euro-Pegged Stablecoin on Ethereum

SG-Forge CEO stated that the EUR CoinVertible smart contract was audited by the professional services network PwC before launch. Societe Generale-Forge (SG-Forge), a regulated subsidiary of the French banking firm Societe Generale, on April 20 announced the launch of EUR CoinVertible, a euro-pegged stablecoin. The Ethereum-based stablecoin will trade under the ticker EURCV and will be available to qualified institutional investors. Investors will have to go through SG-Forge’s Know Your Customer and Anti-Money Laundering procedures. SG-Forge CEO Jean-Marc Stenger commented: “In the weeks to come, Societe Generale-Forge will assess the…

Societe Generale launches euro-pegged stablecoin on Ethereum

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Societe Generale, a major French banking and financial services firm, is launching an Ethereum-based stablecoin through its dedicated digital asset arm. Societe Generale-Forge (SG-Forge) announced the launch of EUR CoinVertible, the euro-pegged stablecoin targeting institutional clients, on April 20. The EUR CoinVertible stablecoin will be traded under the ticker symbol EURCV. The new digital asset will be only available to investors onboarded by Societe Generale through its existing Know Your Customer and Anti-Money Laundering procedures. “In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and…

Lack of stablecoin regulation could push issuers out of US: Austin Campbell

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United States lawmakers discussed the role of stablecoins in a committee hearing, but some experts expressed concern about the country’s regulatory environment. In an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, an adjunct assistant professor at the Columbia Business School, said areas including Singapore, Dubai, Abu Dhabi, and the United Kingdom have already proposed frameworks for stablecoins that could offer a competitive regulatory environment for issuers looking for a home. “If you look around the world, you’re starting to see legislation that…

The Big Issues of Stablecoin Issuance

CryptoX – Cryptocurrency Analysis and News Portal Here are the key issues as the House Financial Services Committee hears testimony about stablecoin regulation. Original Source The post The Big Issues of Stablecoin Issuance appeared first on CryptoX. CryptoX Portal