AXA IM completes its first market transaction using stablecoins, in collaboration with Societe Generale - FORGE
AXA Investment Managers (AXA IM) today announces that it has completed its first market transaction using stablecoins – CoinVertible (EURCV) stablecoins issued by Societe Generale - FORGE - as part of a new joint experimentation.
Part of AXA IM's and Societe Generale's commitments to innovate and adapt to technological developments for the benefit of their clients, this initative was carried out in two distinct phases:
- the purchase by AXA IM on behalf of AXA France from Societe Generale - FORGE of €5 million of CoinVertible stablecoins (EURCV), a digital asset deployed on the Ethereum public blockchain and pegged to euro.
- a subsequent investment of €5 million from AXA IM in a green bond issued by Societe Generale in the form of “security tokens” on the Ethereum public blockchain, using the CoinVertible (EURCV) stablecoins acquired in the first phase, on behalf of AXA France. The green bond notably provides access to the reporting on carbon footprint impact of the security issuance chain infrastructure.
Laurence Arnold, Head of Innovation and Strategic Initiatives, commented: “Following our previous experiments with blockchain technology, we are delighted to have successfully completed our first market transaction using stablecoins.The aim of this initiative, carried out in collaboration with Societe Generale - FORGE, was to enable us to experiment the use of a stablecoin as a settlement asset to purchase a digital bond. Our ultimate objective is to optimise our existing processes by adopting the most advanced technologies, so we can offer the best possible services to our clients.”
Dominique Frantzen
Serge Vanbockryck
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