{"id":50522,"date":"2021-10-01T16:53:56","date_gmt":"2021-10-01T13:53:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50522"},"modified":"2025-09-02T18:32:53","modified_gmt":"2025-09-02T15:32:53","slug":"societe-generale-proposes-makerdao-the-first-security-token-refinancing","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/societe-generale-proposes-makerdao-the-first-security-token-refinancing\/","title":{"rendered":"Societe Generale proposes MakerDAO the first &#8216;security token refinancing&#8217;"},"content":{"rendered":"<p>The financial conglomerate Societe Generale has proposed to the DeFi project MakerDAO to use digital bonds issued by its subsidiary Forge as collateral to obtain a loan of $20 million in the stablecoin DAI.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, the third largest bank in France, just made a collateral onboarding application to Maker for 20 million USD. <\/p>\n<p>Backed by EUR bonds, proposed by their blockchain subsidiary.<a href=\"https:\/\/t.co\/hxGEMOIWjy\">https:\/\/t.co\/hxGEMOIWjy<\/a><\/p>\n<p>\u2014 Rune Christensen (@RuneKek) <a href=\"https:\/\/twitter.com\/RuneKek\/status\/1443703869414989824?ref_src=twsrc%5Etfw\">September 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The bank called the proposal &#8216;the first experiment at the intersection of regulated institutions and open-source protocols&#8217;.<\/p>\n<p>Societe Generale submitted the corresponding application on October 1 on MakerDAO&#8217;s DeFi project forum.<\/p>\n<p>The proposal involves using OFH security tokens (obligations de financement de l\u2019habitat) \u2013 mortgage-backed bonds, under French law.<\/p>\n<p>The instruments were issued in May 2020 as zero-coupon bonds with a notional \u20ac40 million ($46.4 million) and maturing in May 2025. They carry AAA ratings from Moody&#8217;s and Fitch.<\/p>\n<p>Forge issued the OFH on Ethereum using the CAST (Compliant Architecture for Security Tokens) framework with open-source code.<\/p>\n<p>The loan would run for six to nine months and would be provided by several corporate entities.<\/p>\n<p>For the group, the deal will be a &#8216;pilot use case&#8217; for developing the regulatory framework and &#8216;increasing liquidity of digital bonds and the service&#8217;s profitability&#8217;.<\/p>\n<p>In the &#8216;refinancing of security tokens&#8217;, six organisations are expected to participate. Among them are the DeFi project&#8217;s legal representative, the securities agent DIIS Group, and an external transfer agent.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"823\" height=\"408\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-122.jpg\" alt=\"Societe Generale proposes MakerDAO to conduct the first 'security token refinancing'.\" class=\"wp-image-151545\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-122.jpg 823w, https:\/\/forklog.com\/wp-content\/uploads\/1-122-300x149.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-122-768x381.jpg 768w\" sizes=\"auto, (max-width: 823px) 100vw, 823px\" \/><figcaption>Data: <a href=\"https:\/\/forum.makerdao.com\/t\/security-tokens-refinancing-mip6-application-for-ofh-tokens\/10605\">forum.makerdao.com<\/a><\/figcaption><\/figure>\n<p>MakerDAO founder Rune Christensen admitted that he had no idea about the proposal.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>This is one of the many examples of how the MakerDAO governance system can become more scalable<\/em>,<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Turns out it was the future of France all along! \ud83d\ude00<\/p>\n<p>Amazed that I had no clue about this at all the whole time. This is one of multiple recent examples in Maker Governance of how the post-foundation model of organization is proving to be more scalable<\/p>\n<p>\u2014 Rune Christensen (@RuneKek) <a href=\"https:\/\/twitter.com\/RuneKek\/status\/1443712053273939970?ref_src=twsrc%5Etfw\">September 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The user @iamDCinvestor noted that the Societe Generale initiative demonstrates Ethereum&#8217;s emergence as a global settlement network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">in 24 hours, two of the biggest financial institutions made big announcements<\/p>\n<p>Visa with their L2 plan<\/p>\n<p>Societe Generale with their attempt to get their on-chain assets usable in Maker<\/p>\n<p>and you&#8217;re wondering if Ethereum will become a global settlement layer<\/p>\n<p>it&#8217;s happening, now<\/p>\n<p>\u2014 DCinv\u039estor (@iamDCinvestor) <a href=\"https:\/\/twitter.com\/iamDCinvestor\/status\/1443716816736563211?ref_src=twsrc%5Etfw\">September 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Societe Generale proposal will be put to a vote in the coming weeks.<\/p>\n<p>Earlier in April ForkLog <a href=\"https:\/\/forklog.com\/en\/news\/media-european-investment-bank-to-raise-e100-million-via-ethereum-bonds\">reported<\/a> that the European Investment Bank planned to issue two-year bonds worth \u20ac100 million on the Ethereum platform.<\/p>\n<p>In the same month, Societe Generale issued the first <a href=\"https:\/\/forklog.com\/en\/news\/societe-generale-issues-securities-on-the-tezos-public-blockchain\">structured product<\/a> in the form of security tokens on the Tezos public blockchain.<\/p>\n<p> Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial conglomerate Societe Generale has proposed to the DeFi project MakerDAO to use digital bonds issued by its subsidiary Forge as collateral to obtain a $20 million loan in the stablecoin DAI.<\/p>\n","protected":false},"author":1,"featured_media":50523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1282,1431,1099,1100,1818],"class_list":["post-50522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-asset-tokenization","tag-bonds","tag-dai","tag-makerdao","tag-societe-generale"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=50522"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50522\/revisions"}],"predecessor-version":[{"id":50524,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50522\/revisions\/50524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/50523"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=50522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=50522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=50522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}