- Societe Generale-Forge and Nomadic Labs have announced plans to build a stablecoin on the Tezos blockchain.
- SGF is one of several potential partners that France’s central bank has enlisted to demo a Euro-pegged stablecoin.
- Ukraine also has plans to build its stablecoin on Tezos.
Share this article
France may develop its central bank digital currency (CBDC) on the Tezos blockchain, according to a startup tasked with the project.
SGF Chooses Tezos & Nomadic Labs
On Sept. 15, Societe Generale-Forge announced that it plans to use Tezos to develop a Euro-pegged stablecoin for France’s national bank (Banque de France). Nomadic Labs, a major Tezos development firm, will also participate by “contributing its technological expertise” to the project.
The announcement says that several of Tezos’ features played into the decision: the blockchain’s on-chain governance, proof-of-stake consensus model, and formally verified smart contracts all were contributing factors. It is not clear how SGF plans to use those capabilities, but it says that those features make Tezos “ideal for high-value financial applications.”
France previously selected several potential partners for its CBDC project, including Accenture, HSBC, and Seba Bank. As such, it is not certain that SGF’s Tezos-based solution will progress beyond a trial and be put into place in the real world.
Other Stablecoin Efforts
Tezos is notable in this case because it is a public blockchain, a type of blockchain that is rarely used in central bank digital currency efforts. Instead, most CBDCs are built on permissioned enterprise blockchains or on other digital ledgers that bear only a passing resemblance to blockchains. Only one other country, Ukraine, appears to be using Tezos as the basis for its central bank digital currency.
Regardless, several other countries have announced plans for digital currencies. Sweden is in the process of developing its e-krona on the Corda blockchain, while China is in the process of developing its CBDC on an unknown ledger. Some estimates suggest that 45 countries have a currency of this type in the works.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article