‘Worst code I’ve ever seen’: Euro stablecoin faces centralization criticism
April 20. 2023
By Brayden Lindrea
Some pundits shared harsh sentiment toward a new euro-pegged stablecoin, but it’s not publicly accessible for the time being.
Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions.
French bank Societe Generale-Forge (SGF) released the Ethereum-based stablecoin called EUR CoinVertible (EURCV) on April 20, which is available to only qualified institutional clients.
According to observers who reviewed its smart contract code, itsERC-20 transfers need to first be approved by a centralized registrar — presumably one controlled by the bank — before the transaction is processed.
In an April 20 tweet, pseudonymous smart contract engineer “alephv.eth” explained:
“They coded it so they have to whitelist all users, process all user transfers, and even process your ERC20 approvals before they process your 'transferFrom' lmao.”
She further mocked the code in a separate post, stating it was a "radical commitment to inefficiency in the name of regulation."
Nonfungible token project founder “foobar” tweeted to his over 127,000 followers on April 20 that it’s “the worst code I’ve ever seen” and described the stablecoin as a “laughing stock.”
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