Euroclear and Societe Generale‑FORGE, the digital‑asset and MiCA‑regulated stablecoin subsidiary of Societe Generale, are exploring the use of digital cash to issue and settle short‑term funding instruments in US dollars.
The firms will use USD CoinVertible, SG‑FORGE’s MiCA‑compliant USD stablecoin, to test the settlement of tokenised USD‑denominated Negotiable European Commercial Paper (NEU CP). Euroclear will act as the core settlement infrastructure for the pilot.
If successful, the initiative would enable European issuers to access USD‑denominated NEU CP through a digital‑cash settlement model—an attractive option when issuers require dollar funding or when USD money‑market investors offer deeper liquidity or more competitive pricing than euro‑based investors.
The project comes as European markets accelerate efforts to modernise the NEU CP ecosystem. Project Pythagore, led by the Banque de France and industry partners, is already working to migrate euro‑denominated NEU CP to distributed ledger technology (DLT) with settlement in central bank money. Given the market’s inherently multi‑currency nature, the Euroclear–SG‑FORGE pilot opens the door to alternative settlement models for non‑euro instruments, including the US dollar.
Isabelle Delorme, head of Product and Innovation at Euroclear Group, said the collaboration tests how USD settlement can evolve alongside ongoing work with the Banque de France to bring NEU CP onto DLT. “By tokenising NEU CP we aim to create more efficient funding conditions for issuers and contribute to the overall liquidity of the market,” she said.
