Euroclear has been working with the Banque de France on Project Pythagore, which aims to tokenize the negotiable EU (NEU) commercial paper sector. Now the central securities depository has announced a collaboration with Societe Generale-FORGE (SG-FORGE) to use its USDCV MiCA compliant stablecoin as a settlement asset.
A key objective of the project is to enable settlement of NEU CP transactions in central bank money, with the ECB’s Project Pontes coming online in September. One of the settlement options is the Banque de France’s DL3S solution for wholesale CBDC (wCBDC).
However, that only works for euros, so the stablecoin will support dollar commercial paper settlement. As a French electronic money token issuer, SG-FORGE is regulated by the ACPR, which is part of the Banque de France, so the central bank retains supervisory influence over this second settlement asset.
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