The financial group Société Générale borrowed $7 million in DAI through a loan from the DeFi platform MakerDAO.
Another milestone in #DeFi@SocieteGenerale Forge 🇫🇷 casually taking a $7M loan 💰 from @MakerDAO 🚀while pledging a AAA covered bond as collateral. Actually a cross-currency repo as the collateral is in € and the loan in $ ($DAI). https://t.co/2WPzdI1P6X pic.twitter.com/mPVp9z75vn
— Sébastien Derivaux (@SebVentures) January 12, 2023
In July 2022, the MakerDAO approved Société Générale’s participation as a borrower on the platform.
The collateral consisted of $40 million mortgage-backed bonds, governed by French law.
The borrowing limit was set at $30 million.
The engagement with Société Générale is an example of the platform generating income from real-world assets (uncorrelated with cryptocurrencies).
Earlier in July 2022, the MakerDAO approved creation of a $100 million DAI vault for the American Huntington Valley Bank.
In October, through its subsidiary Forge получил a licence to operate as a digital asset service provider from the French market regulator AMF.
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