Societe Generale’s euro stablecoin EURCV under fire for centrali
On April 22, Société Générale announced this week the launch of EUR CoinVertible (EURCV), an Ethereum-based stablecoin available only to authorized institutional clients.
However, according to smart contract engineer alephv.eth on social media, the ERC-20 transfer of the stable currency needs to be authorized by the internal registrar before the transaction is executed. alephv.eth added that Societe Generale coded the EURCV stablecoin and had to whitelist all users before processing “transferFrom,” and even approved user ERC20 transfer transactions.
However, according to smart contract engineer alephv.eth on social media, the ERC-20 transfer of the stable currency needs to be authorized by the internal registrar before the transaction is executed. alephv.eth added that Societe Generale coded the EURCV stablecoin and had to whitelist all users before processing “transferFrom,” and even approved user ERC20 transfer transactions.
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