AXA Investment Managers (AXA IM) has completed its first market transaction using stablecoins issued by Societe Generale – FORGE as part of a new joint experiment.
Societe Generale – FORGE’s CoinVertible (EURCV) stablecoins were used as part of the transaction, which is an effort from AXA IM and Societe Generale to adapt to technological developments to benefit their client base.
This initiative was carried out in two phases. Firstly, AXA IM, on behalf of AXA France, purchased €5 million of CoinVertible stablecoins (EURCV) from Societe Generale – FORGE, a digital asset deployed on the Ethereum public blockchain, pegged to the Euro.
A €5 million investment was then made by AXA IM in a green bond issued by Societe Generale in the form of security tokens on the Ethereum public blockchain, using the acquired CoinVertible (EURCV) stablecoins.
The green bond provides access to the reporting on carbon footprint impact of the security issuance chain infrastructure.
“Following our previous experiments with blockchain technology, we are delighted to have successfully completed our first market transaction using stablecoins,” said Laurence Arnold, head of innovation and strategic initiatives at AXA IM.
“The aim of this initiative, carried out in collaboration with Societe Generale – FORGE, was to enable us to experiment with 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.”