On April 20, Societe Generale-Forge (SGF) released a new euro-pegged stablecoin called EUR CoinVertible (EURCV) in France. However, this launch has been met with criticism from critics who disapprove of the stablecoin’s decision to limit peer-to-peer transactions. The stablecoin is only accessible to qualified institutional clients, and ERC-20 transfers must be approved by a centralized registrar before they can be processed. Observers who examined the smart contract code have criticized it as being inefficient and centralized, with one critic calling it “the worst code” they have ever seen. Despite the negative feedback, more banks are anticipated to introduce stablecoins on public networks in the upcoming months.
In summary, the newly launched stablecoin EUR CoinVertible (EURCV) has been the subject of criticism from observers and critics alike due to its decision to limit peer-to-peer transactions and the inefficient and centralized smart contract code. However, it appears that more banks will be introducing stablecoins on public networks in the near future despite the negative feedback received by EURCV.