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Société Générale's crypto division SG-FORGE completes its first blockchain digital bond issuance in the US.
According to a report by CoinDesk on November 19, the crypto business unit SG-FORGE of Société Générale, a French bank, announced the completion of its first blockchain-based digital bond issuance in the United States, expanding its business layout in the on-chain capital market. The short-term bonds issued are linked to the secured overnight financing rate SOFR, and were purchased by the trading company DRW.
The digital bond uses tokenization technology from Broadridge Financial Solutions and runs on the privacy-enabled Blockchain infrastructure Canton Network developed by Digital Asset. This is the first time Broadridge's new platform is used for real-time securities issuance, while the Canton Network enables instant settlement while retaining the legal structure of traditional finance.
Société Générale stated that it has been active in the European digital bond market since 2019, and this transaction paves the way for entering the US market, potentially facilitating the on-chain issuance of more complex products such as structured notes in the future.