French Euro stablecoin EURCV, launched by Societe Generale-Forge (SGF), has faced criticism for its centralized nature and “worst code” assessment. EURCV is an Ethereum-based stablecoin accessible only to authorized institutional clients.
The ERC-20 transfers require authorization from an in-house registrar before the transaction is carried out. While some argue that centralization is required for legal compliance and monetary stability, others view it as incompatible with blockchain technology’s decentralized ethos. Pseudonymous smart contract engineer “alephv.eth” and crypto auditor “foobar” have criticized the code, calling it the “worst code” they have seen and a “laughing stock,” respectively.
Mason Versluis, a crypto researcher, has pointed out that every transaction involving the stablecoin requires a separate ETH transaction authorized by a centralized registrar, which has led to concerns about the coin’s security and its potential impact on the broader cryptocurrency market. The launch of this euro-pegged stablecoin by Societe Generale-Forge, a traditional financial institution, may be viewed as another attempt to control and limit people’s use of their money. The crypto industry’s evolution and maturity require genuine decentralization and autonomy, compelling traditional financial institutions to adopt and integrate new technologies.
