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French multinational financial conglomerate Societe Generale has issued its first digital green bond on a blockchain network.
According to a Reuters <a href="https://www.reuters.com/business/finance/socgen-issues-10-mln-euro-digital-green-bond-public-blockchain-2023-12-04/" target="_blank" rel="noopener noreferrer nofollow">report</a>, the Paris-headquartered banking group has nearly $11 million worth of senior preferred unsecured bonds with maturity of three years on the Ethereum (<a href="https://crypto.news/tag/ethereum/" target="_blank" data-type="link" data-id="https://crypto.news/tag/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) blockchain. The bank added that AXA Investment Managers and Generali Investments “fully subscribed the related security tokens through private placement.”
AXA Investment particularly acquired and spent €5 million worth of Societe Generale’s euro-denominated ERC-20 stablecoin called EUR CoinVertible (EURCV). The bank plans to spend the proceeds on projects aimed at environmental benefits, including renewable energy and low-carbon transportation.
You might also like: <a href="https://crypto.news/societe-generales-crypto-division-secures-license-in-france/" rel="noopener noreferrer nofollow"> Societe Generale’s crypto division secures license in France </a>
Societe Generale announced its EURCV stablecoin in April 2023, hoping to bridge the gap between traditional capital markets and the digital asset ecosystem. However, the announcement has been met with <a href="https://crypto.news/societe-generales-crypto-division-launches-euro-stablecoin-amidst-criticism-from-stasis-ceo/" target="_blank" rel="noopener noreferrer nofollow">skepticism</a> from Stasis, a firm behind euro-pegged stablecoin EURS, which highlighted potential risks and the “single point of failure” problem associated with commercial bank-issued stablecoins.
Stasis was not the only company that questioned Société Générale’s crypto venture, as other analysts <a href="https://crypto.news/new-euro-stablecoin-receives-backlash-from-crypto-community/" target="_blank" rel="noopener noreferrer nofollow">also pointed out</a> that the functionality of EURCV’s smart contract relies on a centralized registrar (probably one controlled by the bank).
Read more: <a href="https://crypto.news/french-bank-societe-generale-issues-122-million-covered-bond-ethereum-network/" rel="noopener noreferrer nofollow"> French bank Societe Generale issues $122m covered bond on Ethereum network </a>

Societe Generale issues €10m in digital green bond on Ethereum

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