AXA Investment Managers Complete First Live Market Transaction Using Stablecoins
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AXA Investment Managers (AXA IM) has announced the completion of the first market transaction using stablecoins.
The transaction in question involved CoinVertible (EURCV) stablecoins issued by Societe Generale. These stablecoins were issued as part of a new joint experimentation by the company.
AXA IM Completes First Market Transaction with Stablecoins
This joint venture is part of the commitment made by AXA IM and Societe Generale to innovate and adapt to advancements in the technology industry. The offerings also seek to benefit clients.
AXA IM and Societe Generale conducted this initiative in two different phases. The first phase involved AXA IM purchasing €5 million CoinVertible stablecoins (EURCV). This stablecoin is issued on the Ethereum blockchain, and its value is pegged to the euro.
The second phase involved making a €5 million investment from AXA IM into a green bond issued by Societe Generale. This investment is in the form of security tokens on the Ethereum blockchain.
The investment in question uses the CoinVertible (EURCV) stablecoins acquired during the first phase on behalf of AXA France. The green bond offers access to reporting on the effect of the carbon footprint in the security issuance chain infrastructure.
AXA Taps the Best Global Investment Opportunities
AXA IM seeks the best global opportunities across alternative and traditional asset classes. It has around €842 billion in assets as of the end of September 2023.
One key area AXA IM focuses on is investing in green, social, and sustainable markets. It managed €489 billion of ESG-integrated, sustainable assets as of December 2022. The company plans to attain net zero greenhouse gas emissions by 2050 across all assets.
By late 2022, AXA IM had more than 2,600 employees globally, operating in 24 offices across 18 countries. AXA IM is also part of AXA Group, a leading global insurance and asset management entity.
While commenting on the recent milestone with stablecoins, the Head of Innovation and Strategic Initiatives at AXA IM, Laurence Arnold, noted that the firm had conducted past experiments with stablecoins before completing the first market transaction with these assets.
“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,” Arnold said.
