.jpg)
Euroclear and SG-FORGE explore USD stablecoin settlement
25 June 2026 Belgium
Image: Skórzewiak/stock.adobe.com
Euroclear, a global financial market infrastructure provider and Societe Generale-FORGE (SG-FORGE), a European stablecoin issuer and the digital asset subsidiary of Societe Generale group, have collaborated to explore how digital cash solutions could support the issuance and settlement of short-term funding instruments in US dollars.
The partnership will examine 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 short-term financing instrument.
Project Pythagore aims to move euro-denominated NEU CP onto distributed ledger technology (DLT) with settlement in central bank money.
According to both firms, this creates scope to explore alternative solutions for non-euro transactions, including the US dollar in a market that is inherently multi-currency.
Isabelle Delorme, head of product and innovation, Euroclear group, notes: “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, adds: “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.”
The partnership will examine 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 short-term financing instrument.
Project Pythagore aims to move euro-denominated NEU CP onto distributed ledger technology (DLT) with settlement in central bank money.
According to both firms, this creates scope to explore alternative solutions for non-euro transactions, including the US dollar in a market that is inherently multi-currency.
Isabelle Delorme, head of product and innovation, Euroclear group, notes: “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, adds: “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.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
