Ethereum

French lender Societe Generale is set to become the first bank to offer a stablecoin on a cryptocurrency exchange. 
According to a <a href="https://www.ft.com/content/cd733a7c-2e74-412f-b234-6f495c118cc6" target="_blank" rel="noreferrer noopener">report</a> from the Financial Times (FT), the Paris-headquartered bank will debut its <a href="https://crypto.news/tag/stablecoin" target="_blank" rel="noreferrer noopener">stablecoin</a> EUR CoinVertible on crypto exchange Bitstamp on Wednesday, Dec. 6, 2023. 
Speaking with the FT, Jean-Marc Stenger, CEO of Societe Generale Forge, said the crypto ecosystem has become “highly concentrated on a few existing stablecoins,” emphasizing that up to 90% denominated in U.S. dollars. 
<blockquote class="wp-block-quote"> 
 “[…] we definitely think that there is a place for a bank in this field and there is a place for a euro [denominated] stablecoin.” <cite>Jean-Marc Stenger</cite>
</blockquote> 
Stenger added that the bank wants for its stablecoin to be widely available for trades settlement in digital bonds and funds, which is contrary to what JPMorgan is <a href="https://crypto.news/jpmorgans-digital-token-jpm-coin-eyes-10b-daily-transactions/" target="_blank" rel="noreferrer noopener">offering</a> with its JPM Coin. 
 You might also like: <a href="https://crypto.news/circle-partners-with-sbi-holdings-to-offer-potential-stablecoins-in-japan/"> Circle partners with SBI Holdings to offer potential stablecoins in Japan </a> 
The move comes after Societe Generale <a href="https://crypto.news/societe-generale-issues-e10m-in-digital-green-bond-on-ethereum/">has issued</a> nearly $11 million worth of senior preferred unsecured bonds with maturity of three years on the Ethereum (<a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) blockchain. AXA Investment Managers and Generali Investments “fully subscribed the related security tokens through private placement,” with AXA Investment particularly spending €5 million worth of EURCV. 
However, as crypto.news previously <a href="https://crypto.news/new-euro-stablecoin-receives-backlash-from-crypto-community/" target="_blank" rel="noreferrer noopener">reported</a>, the crypto community reacted negatively to the new bank-controlled stablecoin, raising multiple concerns. 
According to observers who analyzed the smart contract code for EURCV, before a transaction can be completed, it must first be authorized by a centralized registrar (probably the one controlled by the bank), as required by the smart contract. Mason Versluis, a crypto researcher, <a href="https://twitter.com/MasonVersluis/status/1649066073915035648" target="_blank" rel="noopener">noted in an X post</a> that the code behind the stablecoin was “absolutely horrible” and advised the French lender to “stop trying to weasel” into crypto. 
 Read more: <a href="https://crypto.news/uk-crypto-regulation-in-focus-as-boe-targets-stablecoins-for-2024/"> U.K. crypto regulation in focus as BOE targets stablecoins for 2024 </a>

Societe Generale to list controversial stablecoin on Bitstamp

crypto.news

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