Societe Generale has completed its first repo transaction fully executed on public blockchain – on SG-FORGE.
The transaction was made with Banque de France and represents the first repo transaction in digital securities with an Eurosystem’s central bank.
“This transaction demonstrates the technical feasibility of interbank refinancing operations directly on blockchain. It illustrates the potential of a Central Bank Digital Currency (CBDC) to improve the liquidity of digital financial securities,” said Societe Generale in an official announcement.
Specifically, the transaction consisted of Societe Generale depositing some bonds issued in 2020 on the public Ethereum blockchain as collateral with the Banque de France in exchange for CBDC issued by the Banque de France on its DL3S blockchain.
Societe Generale is demonstrably continuing to make moves to adapt to technological developments which benefit their client base.
Last year, AXA Investment Managers (AXA IM) completed its first market transaction using stablecoins issued by SG-FORGE as part of a new joint experiment.
SG-FORGE’s CoinVertible (EURCV) stablecoins were used as part of the transaction.