AXA IM completes its first market transaction using stablecoins, in collaboration with Societe Generale -FORGE
- 04 December 2023
AXA Investment Managers (AXA IM) today announces that it has completed its first market transaction using stablecoins – CoinVertible (EURCV) stablecoins issued by Societe Generale - FORGE - as part of a new joint experimentation.
Part of AXA IM's and Societe Generale's commitments to innovate and adapt to technological developments for the benefit of their clients, this initative was carried out in two distinct phases:
- The purchase by AXA IM on behalf of AXA France from Societe Generale - FORGE of €5 million of CoinVertible stablecoins (EURCV), a digital asset deployed on the Ethereum public blockchain and pegged to euro.
- An investment of €5 million from AXA IM in a green bond issued by Societe Generale in the form of “security tokens” on the Ethereum public blockchain, using the CoinVertible (EURCV) stablecoins acquired in the first phase, on behalf of AXA France. The green bond notably provides access to the reporting on carbon footprint impact of the security issuance chain infrastructure.
Laurence Arnold, Head of Innovation and Strategic Initiatives, commented: “Following our previous experiments with blockchain technology, we are delighted to have successfully completed our first market transaction using stablecoins.The aim of this initiative, carried out in collaboration with Societe Generale - FORGE, was to enable us to experiment the use of a stablecoin as a settlement asset to purchase a digital bond. Our ultimate objective is to optimise our existing processes by adopting the most advanced technologies, so we can offer the best possible services to our clients.”
About AXA Investment Managers
AXA Investment Managers (AXA IM) is a responsible asset manager, actively investing for the long term to help its clients, its people and the world to prosper. Our high conviction approach enables us to uncover what we believe to be the best global investment opportunities across alternative and traditional asset classes, managing approximately €842* billion in assets as at the end of September 2023.
AXA IM is a leading investor in green, social and sustainable markets, managing €489 billion of ESG-integrated, sustainable and impact assets as at the end of December 2022. We are committed to reaching net zero greenhouse gas emissions by 2050 across all our assets, and integrating ESG principles into our business, from stock selection to our corporate actions and culture. Our goal is to provide clients with a true value responsible investment solution, while driving meaningful change for society and the environment.
At end of December 2022, AXA IM employs over 2,600 employees around the world, operates out of 24 offices across 18 countries and is part of the AXA Group, a worldwide leader in insurance and asset management.
* Includes the contribution from Architas and AXA IM Prime, net of intercompany elimination.
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