Bah! Another gilded cage built for the masses! This move, they call it. A grand leap, they proclaim! But I see only another chain forged, another shackle tightened. Societe Generale, that titan of finance, dares to dabble in the digital muck, launching a U.S. Dollar stablecoin on Ethereum and Solana. As if the world needed more illusions of stability! 🙄
The USDCV, they christen it, as if a name can mask the inherent rot. It will be spewed forth from SG-Forge, the bank’s own little forge of digital fantasies. And who holds the keys to this vault of vapor? BNY Mellon, naturally! The same old vultures circling the same old carcass. A New York-based financial services company, they say. I say, another cog in the machine that grinds the poor to dust. 💸
This new trinket, this stablecoin, is but a continuation of their earlier folly, the EURCV, a euro-pegged delusion launched in April 2023. As if pegging something to the euro makes it any less susceptible to the whims of the wealthy! A fool’s errand, I say! 🤪
Jean-Marc Stenger, CEO of this SG-Forge, spouts the usual drivel about “logical progression” and the “dominant role of the U.S. dollar.” As if logic and dominance have ever been friends of the common man! The dollar, that green god, worshipped by all, understood by none. 😒
Both these euro and dollar-pegged stablecoins, these digital baubles, are supposedly “designed in accordance with Europe’s Markets in Crypto-Assets (MiCA) regulation.” MiCA, they call it. A cage of rules to contain the beast of crypto. But regulations are mere cobwebs to those who wield true power. They are classified as Electronic-Money Tokens (EMTs), these digital promises. Promises, like the promises of politicians, are made to be broken. MiCA, which became active in June 2023, aims to establish comprehensive regulatory standards for crypto assets in Europe. A noble goal, perhaps, but as likely to succeed as a snowball in hell. 🔥
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2025-06-10 14:22