AXA Investment Managers (AXA IM) has announced the completion of its first market transaction using stablecoins in collaboration with Societe Generale.

The move involved the testing of stablecoins issued by the French bank's digital asset arm SG Forge as part of a new joint experimentation.

The imitative was carried out in two different phases, the first being a purchase by AXA IM on behalf of AXA France from SG Forge of €5 million of CoinVertible stablecoins (EURCV), a digital asset deployed on the Ethereum public blockchain and pegged to euro.

The second was 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.

AXA IM said that the green bond provides access to the reporting on carbon footprint impact of the security issuance chain infrastructure.

“Following our previous experiments with blockchain technology, we are delighted to have successfully completed our first market transaction using stablecoins,” said Laurence Arnold, head of innovation and strategic initiatives. “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.”

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