Wholesale CBDC settlement against an Ethereum-mainnet asset leg
Banque de France, public sector, on Ethereum since November 2024.
SG-FORGE issued a senior preferred structured note on Ethereum mainnet; the cash leg settled on Banque de France's private DL3S wholesale CBDC platform, with Swift providing hash-timelock connectivity and OFI-Invest as investor. The ECB's own text states the market DLT is the Ethereum public blockchain. This is the only verified case in this dataset of Eurosystem central bank money settling delivery-versus-payment against Ethereum mainnet. DATE CAVEAT: the exact transaction month is not published; first_observed is set to the close of the ECB trial window (May–November 2024), not to a confirmed transaction date.
In the record
21
months from first observation to the record's assessment of August 2026
8
public sector rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R4Can we keep a position confidential on a public ledger?
unresolved
The most consequential open question institutions put to us. Selective-disclosure work is underway across the ecosystem. Nothing is production-settled today, and we would need to see it running in a regulated deployment before we said otherwise.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.