Société Générale became the first major bank to integrate a DeFi protocol into its financial products when it made a collateral onboarding application to Maker for US$20 million, backed by EUR bonds. The loan would be for up to US$20 million in DAI, and would use on-chain bond tokens issued by the bank as collateral. These tokens were issued in 2020, with a fixed rate of 0%, a AAA rating from Moody’s and Fitch, and mature in 2025.
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