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 <p class="is-style-lead">French multinational financial conglomerate Societe Generale has issued its first <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="green" href="https://thebittimes.com/tag/green.html">green</a> bond on a blockchain network.</p>
 <p>According to a Reuters report, the Paris-headquartered banking group has nearly $11 million worth of senior preferred unsecured bonds with maturity of three years on the Ethereum (ETH) blockchain. The bank added that AXA Investment Managers and Generali Investments “fully subscribed the related security tokens through private placement.”</p>
 <p>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.</p>
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 <p>Societe Generale announced its EURCV stablecoin in April 2023, hoping to bridge the gap between traditional capital markets and the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> asset ecosystem. However, the announcement has been met with skepticism 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.</p>
 <p>Stasis was not the only company that questioned Société Générale’s crypto venture, as other analysts also pointed out that the functionality of EURCV’s smart contract relies on a centralized registrar (probably one controlled by the bank).</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> French bank Societe Generale issues $122m covered bond on Ethereum network
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/societe-generale-issues-10m-in-digital-green-bond-on-ethereum-tbt72541.html">https://thebittimes.com/societe-generale-issues-10m-in-digital-green-bond-on-ethereum-tbt72541.html</a></p>

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

TheBitTimes

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