Euroclear and Societe Generale-FORGE (SG-FORGE) will collaborate to explore how digital cash solutions could support the issuance and settlement of short-term funding instruments in US dollars.
The collaboration will assess the potential use of USD CoinVertible, a Markets in Crypto-Assets Regulation (MiCA)-compliant stablecoin issued by SG-FORGE, to settle tokenised USD-denominated Negotiable European Commercial Papers (NEU CPs), a key short-term financing instrument.
Euroclear is also involved in a joint project with Banque de France, Project Pythagore, which set out to tokenise NEU CPs with settlement in central bank money.
Isabelle Delorme, head of product and innovation at Euroclear Group, said: “Our role is to deliver secure and efficient settlement. As we work with Banque de France to help the NEU CP market evolve toward DLT, this collaboration allows us to test how USD settlement can evolve alongside it. By tokenising NEU CP, we aim to create more efficient funding conditions for issuers and contribute to the overall liquidity of the market.”
Jean-Marc Stenger, CEO of Societe Generale-FORGE, said: “This collaboration highlights the growing role of digital cash solutions in modernising financial market infrastructure. By leveraging our MiCA-compliant USD CoinVertible stablecoin, we are exploring how a robust and secure asset can enhance efficiency and resilience in cross-currency markets, while remaining fully aligned with regulatory and market standards.”
