Societe Generale’s Digital Green Bond Launch: Embracing Blockchain for Environmental Projects

Societe Generale, a French multinational financial conglomerate, has launched its inaugural digital green bond on a blockchain network. As per a Reuters report, the bank placed nearly $11 million in three-year senior preferred unsecured bonds on the Ethereum (ETH) blockchain. AXA Investment Managers and Generali Investments subscribed fully to the related security tokens through a private placement.

AXA Investment specifically used €5 million in Societe Generale’s euro-denominated ERC-20 stablecoin, EUR CoinVertible (EURCV). The bank aims to utilize the proceeds for environmental projects, such as renewable energy and low-carbon transportation.

Societe Generale introduced its EURCV stablecoin in April 2023, intending to bridge traditional capital markets with the digital asset ecosystem. However, this initiative faced skepticism from Stasis, the firm behind the euro-pegged stablecoin EURS. Stasis highlighted potential risks and concerns about the “single point of failure” related to stablecoins issued by commercial banks.

Criticism wasn’t limited to Stasis, as other analysts also raised questions about EURCV’s smart contract functionality, which seems to rely on a centralized registrar, likely under the bank’s control.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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