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Allo, a Dubai-based tokenization platform, has secured a $100 million Bitcoin-backed credit facility from a consortium of lenders, including Greengage. The company has previously raised $750,000 through Binance Labs and nearly $2 million in seed funding, facilitating over $2.2 billion in tokenized assets on the BNB Chain. With the tokenization market projected to reach nearly $2 trillion by 2030, Allo's innovations are part of a growing trend that allows real-world assets to be digitized for easier investment.
Societe Generale has completed a groundbreaking tokenized bond transaction on the Ethereum blockchain, marking the first repurchase agreement executed with a Eurosystem central bank. The bonds, issued in 2020, were used as collateral for a central bank digital currency from Banque de France, showcasing the potential of blockchain technology in enhancing liquidity for digital financial securities. This transaction demonstrates the feasibility of conducting interbank refinancing operations directly on the blockchain.
Societe Generale has successfully executed the first blockchain-based repo transaction within the Eurosystem, collaborating with the Banque de France through its digital assets subsidiary, Forge. This transaction utilized tokenized bonds as collateral and involved the exchange of central bank digital currency (CBDC) as cash, showcasing the potential of CBDCs to enhance liquidity in digital financial securities. The Banque de France has been exploring CBDC applications since 2021, including cross-border projects and partnerships with major banks.
The ECB is expected to implement a 25 basis point cut, reducing the deposit rate to its lowest since March 2023, with an 85% market probability for this move. The Banque de France Governor emphasizes maintaining flexibility in response to economic data and risks, while underlying inflation remains stagnant at 2.7%. Political instability in France and Germany may also influence the ECB's decision-making process.
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