{"id":24919,"date":"2023-12-06T09:24:09","date_gmt":"2023-12-06T09:24:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/societe-generale-debuts-controversial-stablecoin-on-bitstamp\/"},"modified":"2023-12-06T09:24:09","modified_gmt":"2023-12-06T09:24:09","slug":"societe-generale-debuts-controversial-stablecoin-on-bitstamp","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/societe-generale-debuts-controversial-stablecoin-on-bitstamp\/","title":{"rendered":"Societe Generale Debuts Controversial Stablecoin on Bitstamp"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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On December 6, 2023, Societe Generale will launch EUR CoinVertible, a stablecoin, on the Bitstamp cryptocurrency<\/a> market, marking a significant milestone in the financial industry.<\/p>\n

Jean-Marc Stenger, CEO of Societe Generale Forge, emphasized the bank\u2019s dedication to ending the dominance of current stablecoins, especially those backed by dollars, which presently account for an astounding 90% of the market. Stenger emphasized the necessity for variety in the cryptocurrency ecosystem and voiced the opinion that there is a sizable market for a stablecoin based in euros.<\/p>\n

Stenger proceeded to explain the bank\u2019s goals for EUR CoinVertible, emphasizing that they wanted to see it widely used in trade settlements involving digital money and bonds. By taking a different strategy from JPMorgan with its JPM Coin, this strategic move emphasizes Societe Generale\u2019s distinct position in the developing cryptocurrency market.<\/p>\n

Expanding Footprint with Blockchain Bonds<\/h2>\n

By releasing senior preferred unsecured bonds worth close to $11 million on the Ethereum blockchain with a three-year maturity, Societe Generale has already achieved progress in the cryptocurrency market. Interestingly, in a private placement, AXA Investment Managers and Generali Investments completely subscribed to the corresponding security tokens, with AXA Investment contributing \u20ac5 million in EURCV.<\/p>\n

Notwithstanding these developments, the launch of the bank-controlled stablecoin has caused some anxiety among cryptocurrency enthusiasts. Critics point out that before transactions can be completed, the EURCV smart contract code needs permission from a centralized registrant, which is probably under the authority of the bank. Some experts have expressed disapproval of this centralization and called the smart contract code \u201cabsolutely horrible.\u201d<\/p>\n

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Mason Versluis, a crypto researcher, did not mince words, advising Societe Generale to reconsider its approach, stating that the bank should \u201cstop trying to weasel\u201d into the crypto domain.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) On December 6, 2023, Societe Generale will launch EUR CoinVertible, a stablecoin, on the Bitstamp cryptocurrency market, marking a significant milestone in the financial industry. Jean-Marc Stenger, CEO of Societe Generale Forge, emphasized the bank\u2019s dedication to ending the dominance of current stablecoins, especially those backed […]<\/p>\n","protected":false},"author":34,"featured_media":24920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24919"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24919"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24920"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}