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Société Générale’s SG-FORGE Issues First Tokenized Bond in U.S.
The bond uses Broadridge Financial Solutions' tokenization technology and runs on the Canton Network, a privacy-enabled blockchain infrastructure.
Updated Nov 19, 2025, 4:36 p.m. Published Nov 18, 2025, 4:25 p.m.
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What to know:
- Société Générale's crypto arm SG-FORGE completed its first US digital bond issuance using blockchain technology, purchasing by trading firm DRW.
- The bond uses Broadridge Financial Solutions' tokenization technology and runs on the Canton Network, a privacy-enabled blockchain infrastructure.
- The move expands SG-FORGE's on-chain capital markets presence and could lead to more complex product issuances, such as structured notes, the bank said.
Société Générale’s crypto arm, SG-FORGE, completed its first blockchain-based digital bond issuance in the U.S., expanding its footprint in onchain capital markets. The short-term bond, tied to the secured overnight financing rate (SOFR), was purchased by trading firm DRW.
The bond runs on the Canton Network, a privacy-enabled blockchain infrastructure developed by Digital Asset. Canton allows instant settlement while preserving the legal structure of traditional finance. Broadridge Financial Solutions provided the tokenization technology, marking the first time its new platform has been used for live securities issuance.
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While Société Générale said it has been active in digital bonds in Europe since 2019, this transaction opens the door to U.S. markets. The move could eventually lead to onchain issuance of more complex products, such as structured notes, the bank said.
“The issuance of these landmark digital bonds is an important step toward building the future of finance,” said Chris Zuehlke, global head of DRW’s crypto arm, Cumberland. “As long-time advocates of innovation in financial markets, we believe tokenization has the potential to unlock efficiency, transparency, and broader access across the ecosystem.
BNY will serve as paying agent. IntellectEU’s Catalyst Blockchain Manager helped run the blockchain infrastructure. Mayer Brown advised on legal matters, according to the document.
SG-FORGE has been making moves in crypto well beyond tokenized bonds. The firm recently moved to integrate its euro and dollar-backed stablecoins into Deutsche Börse’s core market infrastructure.
The firm has also pushed deeper into decentralized finance, listing its regulated stablecoins on Ethereum-based protocols Morpho and Uniswap, allowing them to be used as collateral by institutional investors.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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