Tokenized home loans used as collateral for a $7 million DAI loan by Société Générale MakerDAO SociétéGénérale DAI
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As collateral for loans taken out by SG-Forge, Société Générale pledged 40 million euro worth of home loan bonds in the form of ‘OFH tokens’, which are tokenized securities issued on the Ethereum blockchain that are backed by home loans with AAA ratings from Moody’s that were issued by a Société Générale-affiliated credit institution.
Société Générale first initiated the process that made this loan possible back in October 2021 when it proposed the addition of tokenized, AAA-rated euro-denominated bonds into the MakerDAO system. DAI's USDC backing has dropped below 50% again. We plan for this trend to continue. Slowly but surely @MakerDAO is making steps to diversify the collateral pool. pic.twitter.com/GyGK35FNaa
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