According to CoinDesk, Obligate, a DeFi on-chain bond platform on Polygon, announced that French olive oil producer Lamar Olive Oil used Obligate to issue an on-chain bond for sustainable agriculture. The company’s first offering is EUROe-denominated by Finnish fintech company Membrane Finance, which the company says is the only cryptocurrency stablecoin regulated by the European Union. The underwriting and structuring process, including credit assessment and ongoing risk monitoring, was conducted by Obligate's credit rating partner, Credora, the company said. Obligate is a bond platform on the DeFi chain on Polygon, which helps small and medium-sized enterprises issue, track and settle debts, and uses smart contracts to replace the role of issuers and payment agents in the settlement layer of traditional bond issuance.