Semaine 48
Chaque semaine, nous vous proposons en version intégrale un article BLOCKSTORIES, une plate-forme de référence pour les institutionnels concernant les cryptoactifs.
Cet article est extrait de leur newsletter hebdomadaire. Vous disposez d'un lien en bas d'article pour vous y abonner.
Last week, Société Générale carried out its first issuance of a tokenized U.S. bond via its blockchain subsidiary SG-Forge. The move underscores the bank’s broader global push into asset tokenization, as well as its growing strategic focus on the U.S. market.
“Our goal was to demonstrate that we have the capabilities and expertise to execute this type of transaction under U.S. law and reach a new market, while partnering with leading American players for this first issuance,” explained Jean-Marc Stenger, CEO of SG-Forge, to Blockstories.
Why it matters
SG-Forge has previously engaged in tokenization efforts in Europe, including a repo operation with the Banque de France and a refinancing transaction with MakerDAO. Now, the firm is extending its activity to the U.S., supported by the recent launch of its USD-stablecoin USDCV, which complements its euro stablecoin and currently has $27.5 million in circulation.
To carry out the issuance in a U.S. regulatory context, SG-Forge partnered with established domestic players. The transaction was executed on the Canton Network, with DRW acting as the buyer and Broadridge providing infrastructure services.
“Entering a market like this necessarily requires co-creating an ecosystem with local partners. It’s essential to envision broader tokenization of securities,” explained a source close to the bank.
A simple product to start
In order to align the product with existing U.S. investor familiarity and operational standards, SG-Forge deliberately selected a short-term floating-rate note for this first issuance.
“It’s a standard and liquid financial instrument, making it easy for investors to understand and use,” explained Jean-Marc Stenger. “There have been very few natively tokenized debt issuances in the United States, which makes this operation all the more pioneering. It was essential to master these new forms of securities under U.S. law to be ready to meet growing client demand.”
It is also worth noting that the move aligns with priorities set by Slawomir Krupa, who became CEO of Société Générale in 2023 after previously leading the group’s Americas division.
L'avis de Blockstories
For years, the U.S. lacked the regulatory footing for institutional tokenization, but the new administration has flipped that stance. Regulators are now developing guidelines that show how onchain assets can operate within existing securities law, making the world’s biggest capital market accessible in a way it simply wasn’t before.
Europe, by contrast, had an early lead. The DLT Pilot Regime and national frameworks like Germany’s eWpG created clarity that allowed regulated, onchain market infrastructure to emerge years ahead of the U.S.
This gives early European movers like us and SG-Forge the opportunity to export what already works in Europe to the U.S. And the positive twist is that U.S. momentum is now pushing European regulators to upgrade their own regimes, including the Pilot Regime, to stay ahead.
Blockstories, la plateforme de référence pour les institutionnels concernant les cryptoactifs.
Pour vous abonner :
Member discussion: