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Investment Firm Société Générale Mints $7 Million in Stablecoin Loan From MakerDAO

Société Générale, a French multinational investment bank and financial services company, minted $7 million as a loan of dai stablecoin from its issuer MakerDAO.

Société Générale was approved to start a MakerDAO vault last year after a unanimous vote from MakerDAO's community members. After several months, for the first time it has withdrawn $7 million in stablecoin, MakerDAO confirmed to The Block.

The specific vault has a debt ceiling of $30 million, which means that Société Générale can borrow up to this amount of dai from Maker, according to official data aggregated by MakerBurn.

The firm used home loan bonds worth $40 million as collateral to borrow from a lending vault on Maker — serving as an example of how traditional finance players can leverage decentralized finance to create new avenues for borrowing. 

(By Vishal Chawla)

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