SocGen’s digitised bond passes settlement test

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The development of digital currencies capable of underpinning a new generation of financial contracts took an unexpected twist in May.

While the world’s attention was focused on Covid-19, Societe Generale quietly achieved a first: the settlement of a securities trade using a central bank-backed digital currency. The French bank issued a covered bond in the form of a securitised token on a public blockchain. It then bought back the debt using digital euros issued by the Banque de France.

The

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