Launch of the Pythagore Project for the Tokenization of Financial Securities in Europe

Euroclear and the Banque de France are launching the Pythagore project, involving 33 companies including BNP Paribas, JPMorgan, Crédit Agricole, EDF, TotalEnergies, and Saint-Gobain. This project aims to test the tokenization throughout the life cycle of a financial security: issuance, settlement, use as collateral, and redemption. Euroclear, which manages over €45 trillion in assets, seeks to modernize a market still based on traditional infrastructures. The tests begin with NEU CP, short-term debt securities representing approximately €300 billion. Pythagore connects the Banque de France's blockchain infrastructure to D-FMI, Euroclear's tokenization platform, using the open-source software Besu compatible with Ethereum. The Pontes infrastructure, launched by the ECB, will also be tested for the settlement of tokenized assets in central bank money. SG-FORGE, the blockchain subsidiary of Société Générale, will test its dollar-backed stablecoin to settle NEU CP in dollars, representing about 5% of the market.

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