Societe Generale has made its U.S. debut in blockchain-based finance with the issuance of its first digital bond in the world’s largest economy, a move that could reshape how U.S. capital markets manage debt.
The short-term floating rate bond, linked to the Secured Overnight Financing Rate (SOFR), was purchased by trading firm DRW and issued through Société Générale’s digital assets subsidiary SG-FORGE.
This is the first time the French banking giant has brought its tokenization expertise to the US market, following a number of pilot projects leading tokenized bond issuances in Europe.
The bond was issued as a security token on the Canton Network, a blockchain infrastructure developed by Digital Asset. Broadridge Financial Solutions, headquartered in New York, provided the tokenization platform, while IntellectEU’s Catalyst Blockchain Manager enabled node operations on the network’s decentralized infrastructure.
This issuance is the first to utilize Broadridge’s new tokenization platform, which aims to improve transparency, settlement speed and asset traceability, and expand the company’s tokenization efforts beyond U.S. Treasuries to broader asset classes.
BNY Mellon will serve as paying agent and Mayer Brown acted as legal advisor, further anchoring the transaction in the U.S. financial infrastructure.
“This show shows how tokenization can significantly improve market operations and open up new opportunities for institutions and investors.” said Yuval Rooz, CEO and co-founder of Digital Asset.
Chris Zuehlke of DRW added that tokenization could unlock “efficiency, transparency and wider access” in financial markets.
