Societe Generale Completes First Blockchain Repo Transaction In Eurozone

According to Foresight News, CoinDesk reports that Societe Generale's digital asset subsidiary, SG-Forge, in collaboration with the Banque de France, has successfully completed the first blockchain-based repurchase agreement transaction in the Eurozone. In this groundbreaking transaction, SG-Forge used bonds issued on the Ethereum blockchain in 2020 as collateral to obtain central bank digital currency (CBDC) issued by the Banque de France on its DL3S blockchain. This transaction marks a significant milestone in the exploration of blockchain technology for interbank refinancing operations. Under the framework of the European Union's Markets in Crypto-Assets (MiCA) regulation, SG-Forge is actively investigating potential use cases for its euro stablecoin, EUR CoinVertible (EURCV). The successful completion of this transaction demonstrates the technical feasibility of using blockchain for such financial operations and highlights the potential of CBDCs to enhance the liquidity of digital financial securities. Societe Generale emphasized that this transaction showcases the potential of blockchain technology in the banking sector, particularly in improving the efficiency and liquidity of financial securities through the use of CBDCs. This development is a step forward in the integration of digital assets into traditional financial systems, paving the way for further innovations in the digital finance landscape.