Société Générale Forge (SG Forge), the digital asset subsidiary of the prominent French banking firm Société Générale, has unveiled a new stablecoin, CoinVertible ($EURCV), pegged on the Euro. The stablecoin was launched on the Ethereum blockchain, and will be exclusively available for qualified institutional clients.

Société Générale has not disclosed the requirements for qualifying to access the $EURCV stablecoin, only stating that it has pre-qualified institutional clients who have passed for its KYC verification process. The launch can be seen as a response to the growing demand for an on-chain asset that can be used for cross-border settlements. In effect, this bridges a gap between traditional capital markets and the digital asset management, particularly those linked in decentralized finance and the Ethereum ecosystem.

The stablecoin also aims to offer new solutions for corporate treasury management, cash flow and on-chain liquidity management, as well as cash pookling initiatives for funding and refinancing. However, the new stablecoin was met with a certain degree of criticism from blockchain developers, highlighting some concerning traits inside the contract code.

A software engineer known as Cygaar has recently discovered that the stablecoin could potentially allow the bank to seize and burn all its users’ funds through certain functions in its smart contract. Cygaar criticized the bank’s choice of system, stating that Société Générale would have been better off using JPMorgan’s Onyx or an internal database for a centralized settlement l

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Author: Vince Dioquino

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