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Deployments · SG-FORGE security token platform · platform by Societe Generale-FORGE

Société Générale security token bonds via SG-FORGEUpdated 17 Oct 2026

Société Générale's own bonds issued as security tokens through its SG-FORGE subsidiary. The series began with EUR 100 million of covered bonds on Ethereum in 2019, then EUR 40 million of covered bonds paid for in a Banque de France digital euro in 2020, and a EUR 10 million green bond on Ethereum sold to AXA IM and Generali in 2023. In April 2021 it also issued a EUR 5 million autocallable structured note registered on Tezos. In 2025 the bank issued SOFR-linked short-term notes in the United States on the Canton Network, bought by DRW. In December 2024 some of the 2020 tokens were pledged to the Banque de France in an on-chain repo.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 30 Nov 2023[3] — Recurring issuance in small sizes to a handful of investors; the first two covered bond issues were taken up by Société Générale itself. · Reviewed 14d ago

Assets
Debt securityStructured note[1]
OFH covered bonds of Societe Generale SFH rated Aaa/AAA
[3][6]
Senior preferred green bond and US SOFR-linked short-term notes
[7]
Autocallable EMTN registered on Tezos
Networks
Ethereum Public, permissionless[1]
Canton Network Public, permissioned[5]
Tezos Public, permissionless[7]
Use cases
Primary issuance[1]Delivery versus payment (DvP)[2]Repo[4]
Jurisdictions
France, United States

Participants

Likely relevant regulation

Assets

Metrics

  • €150mSecurity token bonds issued (2019 to 2023 issues) · as of Nov 2023[3]
    Sum of the EUR 100m (2019) and EUR 40m (2020) covered bonds and the EUR 10m green bond; the US notes' size was not disclosed.

Timeline

  1. Happened 18 Nov 2025 · Scope expansion · recorded 11 Oct 2026
    First US digital bond, SOFR-linked short-term notes on the Canton Network bought by DRW, using Broadridge tokenisation and BNY as paying agent.[5]
  2. Happened 14 May 2025 · Production milestone · recorded 17 Oct 2026
    Scheduled maturity date of the EUR 40 million 2020 covered bond tokens (zero coupon, ISIN FR0013510518), per SG-FORGE's own collateral application; no redemption notice seen.[8]
  3. Happened 13 Dec 2024 · Scope expansion · recorded 11 Oct 2026
    Bonds issued on Ethereum in 2020 are used in a repo with the Banque de France against CBDC on its DL3S ledger.[4]
  4. Happened 30 Nov 2023 · Production milestone · recorded 11 Oct 2026
    Société Générale issues a EUR 10 million three-year green bond on Ethereum to AXA IM and Generali, with optional settlement in its EURCV stablecoin.[3][6]
  5. Happened 15 Apr 2021 · Scope expansion · recorded 17 Oct 2026
    Société Générale issues its first structured product as a security token on the public Tezos blockchain, a EUR 5 million autocallable EMTN bought by Societe Generale Assurances.[7]
  6. Happened 14 May 2020 · First transaction · recorded 11 Oct 2026
    EUR 40 million of covered bond tokens are paid for in a Banque de France digital euro, in an end-to-end blockchain test.[2]
  7. Happened 18 Apr 2019 · Launch · recorded 11 Oct 2026
    Societe Generale SFH issues EUR 100 million of OFH covered bonds as security tokens registered directly on Ethereum, fully bought by the group.[1]

Sources

  1. [1]Societe Generale issued the first covered bond as a security token on a public blockchain — Société Générale, 23 Apr 2019. Accessed 11 Oct 2026.B
  2. [2]Societe Generale performs the first financial transaction settled with a Central Bank Digital Currency — Societe Generale-FORGE, 27 Sep 2020. Accessed 11 Oct 2026.B
  3. [3]DLT Adoption: Société Générale Issues Digital Green Bond on a Public Blockchain — Crowdfund Insider, 5 Dec 2023. Accessed 11 Oct 2026.C
  4. [4]Societe Generale successfully completed a first repo transaction on public blockchain with the Banque de France — Société Générale, 13 Dec 2024. Accessed 11 Oct 2026.B
  5. [5]Societe Generale issues its first digital bond in the United States on blockchain — Société Générale, 18 Nov 2025. Accessed 11 Oct 2026.B
  6. [6]Societe Generale issues a first digital green bond on a public blockchain — Société Générale, 4 Dec 2023. Accessed 17 Oct 2026.B
  7. [7]Societe Generale issues the first structured product on public blockchain — Societe Generale-FORGE, 15 Apr 2021. Accessed 17 Oct 2026.B
  8. [8][Security Tokens Refinancing] MIP6 Application for OFH Tokens — Societe Generale-FORGE (Sky, formerly MakerDAO, forum), 30 Sep 2021. Accessed 17 Oct 2026. Post by SG-FORGE's own account (SylvFromSG-Forge); the forum moved from forum.makerdao.com to forum.skyeco.com..B

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