Express
SocGen Applies for $20M MakerDAO Loan Using Bond Token Collateral
Summary: In a proposal on Thursday on MakerDAO’s governance forums, French multinational banking giant Société Générale (SocGen) submitted an application for the decentralized finance (DeFi) lending platform to accept on-chain bond tokens issued by the bank as collateral for a stablecoin DAI loan. The loan, mediated between a number of legal entities and third parties in ...
In a proposal on Thursday on MakerDAO’s governance forums, French multinational banking giant Société Générale (SocGen) submitted an application for the decentralized finance (DeFi) lending platform to accept on-chain bond tokens issued by the bank as collateral for a stablecoin DAI loan.
The loan, mediated between a number of legal entities and third parties in a somewhat complex legal architecture, would be for up to $20 million in DAI – likely the largest step towards institutional adoption of DeFi to date.
SocGen has been a leader in experimenting with blockchain assets for years, having issued bond-backed tokens on the Ethereum blockchain as far back as 2019. SocGen wrote in the proposal that the loan would be a “pilot use case,” and that one of the goals of the project is to “help to shape and promote an experiment under the French legal framework.”
By Amy Liu
Tags: loan,MakerDAO,SocGen
Link: SocGen Applies for $20M MakerDAO Loan Using Bond Token Collateral [Copy]
