Euroclear, a global financial market infrastructure provider and Societe Generale-FORGE (SG-FORGE), a leading European stablecoin issuer and the digital asset subsidiary of Societe Generale group, announced a collaboration 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 Paper (NEU CP), a key short-term financing instrument.

This initiative comes as European markets accelerate efforts to modernise this market. In particular, Project Pythagore aims to move euro-denominated NEU CP onto Distributed Ledger Technology (DLT) with settlement in central bank money. In a market that is inherently multi-currency, this creates scope to explore alternative solutions for non-euro transactions, including the US dollar.

By assessing the role of regulated digital cash in this context, Euroclear and SG-FORGE aim to address this gap while maintaining the standards of safety, resilience and transparency, with the objective of supporting efficient liquidity conditions across the market.

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.”

Source: Euroclear