SG-FORGE Issues First U.S. Tokenized Bond on Canton Network

Published: 2025-11-18 16:43:01 |

SG-FORGE, the crypto arm of Société Générale, has issued its first tokenized bond in the U.S. The short-term digital bond is tied to the secured overnight financing rate (SOFR) and was purchased by trading firm DRW. This landmark tokenized bond runs on Digital Asset’s privacy-focused Canton Network and uses Broadridge Financial Solutions’ tokenization platform for issuance. The on-chain transaction settles instantly while retaining traditional legal structures. BNY Mellon acts as the paying agent. IntellectEU’s Catalyst Blockchain Manager supports the network infrastructure. Mayer Brown provided legal counsel. This deal marks Broadridge’s tokenization platform debut in live securities issuance. SG-FORGE has been active in European digital bonds since 2019. The U.S. launch opens the door to more complex on-chain products, including structured notes. The firm also integrates its euro and dollar-backed stablecoins into Deutsche Börse’s core systems and lists them on Ethereum-based protocols Morpho and Uniswap for institutional collateral use.

Bullish

The successful U.S. issuance of a tokenized bond by a leading global bank marks a clear step forward for institutional adoption of blockchain-based securities. Similar to Société Générale’s earlier digital bond deals in Europe, this transaction demonstrates regulatory acceptance and operational readiness of tokenization platforms. In the short term, direct market impact on crypto prices may be limited since traditional bond markets remain distinct from spot crypto trading. However, the partnership with DRW and use of Broadridge’s platform underscore growing trust in on-chain settlement. Over the long term, this move could catalyze broader on-chain capital markets activity. It paves the way for more sophisticated structures—such as tokenized notes and asset-backed products—and deeper integration of stablecoins in regulated venues. That dynamic is bullish for blockchain infrastructure providers and DeFi protocols, boosting confidence among institutional traders.