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ConsenSys > Case Studies > Consensys and Societe Generale - FORGE's Collaboration on First Digital Bond Issuance on Ethereum
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Consensys and Societe Generale - FORGE's Collaboration on First Digital Bond Issuance on Ethereum

Technology Category
  • Application Infrastructure & Middleware - Blockchain
  • Infrastructure as a Service (IaaS) - Public Cloud
Applicable Industries
  • Finance & Insurance
  • Retail
Applicable Functions
  • Procurement
  • Product Research & Development
Use Cases
  • Leasing Finance Automation
  • Smart Contracts
The Challenge

Societe Generale - FORGE, the digital capital markets platform of the Societe Generale Group, was part of the European Investment Bank's first digital bond on a public blockchain. On 27 April 2021, the EIB launched a multi-dealer unsubordinated, unsecured 2-year bond issuance (EUR 100,000,000) on the Ethereum mainnet, for the registration and settlement of the securities, in collaboration with Goldman Sachs, Santander and Societe Generale. The payment of the issue monies from the underwriters to the EIB were represented on the Ethereum mainnet in the form of Central Bank Digital Currency (CBDC). This transaction was part of a partnership announced in October 2020, under which terms Societe Generale - FORGE selected Consensys to provide technology and services for its ongoing CBDC pilot activities through its Codefi Payments product.

About The Customer

Societe Generale - FORGE is a fully integrated subsidiary of Societe Generale Group, one of the leading European financial services groups. It provides issuers and investors, either Corporates or Financial Institutions, with end-to-end services to issue and manage digital-native financial products registered on the blockchain (Security Token). For market infrastructure operators, Societe Generale – FORGE builds open, simple, secure and institutional-grade frameworks and models for Security Token operations, underpinned by banking class security and full regulatory compliance. The Group is built on three complementary core businesses: French Retail Banking, International Retail Banking, Insurance and Financial Services to Corporates, and Global Banking and Investor Solutions.

The Solution

Consensys, the leading blockchain software company, supported Societe Generale – FORGE in this endeavor. As part of the project, Consensys formed a joint team together with Societe Generale - FORGE in order to define and develop the smart contract representing CBDC balances in Euro. The smart contract leveraged existing token standards and was deployed by the Banque de France on the Ethereum mainnet, with settlement taking place on-chain. This innovative solution allowed for the successful issuance and settlement of the EIB's first digital bond on a public blockchain, marking a significant milestone in the use of blockchain technology in the financial sector.

Operational Impact

  • The collaboration between Consensys and Societe Generale - FORGE resulted in the successful issuance and settlement of the European Investment Bank's first digital bond on a public blockchain. This marked a significant milestone in the use of blockchain technology in the financial sector. The smart contract developed for this project leveraged existing token standards and was deployed on the Ethereum mainnet, demonstrating the potential of blockchain technology for facilitating complex financial transactions. The project also showcased the potential of Central Bank Digital Currencies (CBDCs), with the payment of the issue monies from the underwriters to the EIB represented in the form of a CBDC on the Ethereum mainnet.

Quantitative Benefit

  • Issued a 2-year bond worth EUR 100,000,000 on the Ethereum mainnet

  • The bond issuance involved multiple dealers including Goldman Sachs, Santander and Societe Generale

  • The project was part of a partnership announced in October 2020

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