| .. | |||||
| White paper for E-Money Token | |||||
| Digital Token Identifier: | 9XDHG5RZQ on Ethereum network 8TF1FZX7H on Solana network 7MV60JJTP on Canton Network |
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| Issuer of the e-money token: | 969500FX8K40ZDW4F377 - Société Générale - FORGE | ||||
| Type of submission: | Modify | ||||
| Table of content | |||||
| General information | |||||
| SUMMARY | |||||
| Part A - Information about the issuer of the e-money token | |||||
| Part B - Information about the e-money token | |||||
| Part C - Information about the offer to the public of the e-money token or its admission to trading | |||||
| Part D - Information on the rights and obligations attached to e-money tokens | |||||
| Part E - Information on the underlying technology | |||||
| Part F - Information on the risks | |||||
| Part G - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts | |||||
| [Table 4] Template for white papers for e-money tokens | |||||
| Template for white papers for e-money tokens [abstract] | |||||
| General information | |||||
| I.00 Table of content | boolean true | ||||
| I.01 Date of notification | date | ||||
| I.02 Statement in accordance with Article 51(3) of Regulation (EU) 2023/1114 | boolean true | ||||
| I.03 Compliance statement in accordance with Article 51(5) of Regulation (EU) 2023/1114 | boolean true | ||||
| I.04 Warning in accordance with Article 51(4), points (a) and (b), of Regulation (EU) 2023/1114 | boolean true | ||||
| SUMMARY | |||||
| I.05 Warning in accordance with Article 51(6), second subparagraph of Regulation (EU) 2023/1114 | boolean true | This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this e-money token on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law. |
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| I.06 Characteristics of the crypto-asset | textBlock | As of the date of this White Paper, USDCV do not constitute "significant e-money tokens" as defined by Article 56 of MiCAR. The USDCV are issued by Société Générale – FORGE (the "Issuer") at a nominal value of one unit of USD per USDCV, based on a self-executing code deployed with pre-defined functions related to the USDCV upon fulfilment of pre-determined conditions (the "Smart Contract"): - on Ethereum address 0x5422374B27757da72d5265cC745ea906E0446634 - on Solana address 8smindLdDuySY6i2bStQX9o8DVhALCXCMbNxD98unx35 on Canton: Issuer address 1220138310f846b9fed1c195fe09cd2af30ea5cf0cb4bf6dab59b3c3629a458f1a82 Token code: USDCV The Issuer has opened a segregated account in the books of The Bank of New York Mellon SA/NV, a credit institution organized under the laws of Belgium ("BNY") and in the books of Société Générale ("SG"), a credit institution organized under the laws of France, (the "Initial Collateral Custodian") in accordance with article L. 613-30-1 of the French Financial and Monetary Code (the "Initial Segregated Account"). The Issuer may open additional segregated accounts, either cash or securities, (each being a "Segregated Account"), from time to time, in the books of other banks (each, a "Subsequent Collateral Custodian", and together with the Initial Collateral Custodian, the "Collateral Custodians") with an unsecured long-term debt rating at least equivalent to the one of Société Générale. References to a rating are to ratings issued by Standard & Poor's, but shall be deemed to include the equivalent rating from Moody's, and Fitch Ratings as an alternative. The purchase price for the USDCV will be transferred by the purchaser to an account opened in the name of the Issuer on the date of issuance of the related USDCV, and subsequently transferred by the Issuer to a Segregated Account. There is no limit to the amount of USDCV that may be issued by the Issuer. The USDCV will not give rise to any interest, remuneration or any other benefit related to the length of time during which a holder of USDCV (the "Holders") holds such USDCV. At any time, the assets comprised in the Segregated Account(s): - will comply with investment rules of Article 54 of MiCAR; - will comply with the Stabilization Mechanism specified in D. 9 below; and - will be accessible by the Issuer to meet any requests for redemption from the holders of USDCV. |
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| I.07 Right of redemption | textBlock | In accordance with Article 49 of MiCAR, Holders that are EEA-residents have, at all times, a claim against the Issuer and have the right to request redemption of their USDCV at par value in immediately available funds denominated in USD. Holders of USDCV shall submit their redemption request directly with the Issuer by email to the following email address redemption.coinvertible@sgforge.com. The Issuer shall confirm the receipt of such redemption request no later than five (5) Business Days after the receipt of the redemption request and submit the Holders to KYC/AML, Sanctions Rules (as defined in section D.1) and other controls, as applicable, performed by the Issuer and other requirements such as transferring the USDCV to be redeemed to the Issuer, when applicable. Upon successful completion of the controls, the Issuer will transfer the relevant redemption amount in USD to the Holder's cash account at the latest on the last Business Day of the month following the month the controls were successfully completed. Should the Holder fail to pass the controls, the Issuer will reject the inbound USDCV transfer request and the USDCV will be returned to the Holder's wallet. Holders of USDCV that are EEA-residents but do not comply with KYC/AML, Sanctions Rules and other controls may not be able to exercise their redemption right. Holders of USDCV who are not resident of the EEA do not benefit from a direct right of redemption with the Issuer. Such Holders may nevertheless contact the Issuer at redemption.coinvertible@sgforge.com for information or assistance. Any such inquiry or potential interaction remains strictly subject to the Issuer's internal policies, regulatory obligations, and applicable territorial restrictions. For the avoidance of doubt, no USDCV transaction may be conducted between the Issuer and any person who is a US resident. |
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| I.08 Key information about the offer and/ or admission to trading | textBlock | USDCV may be issued on other DLT from time to time. USDCV already issued and to be issued are available to trade on Bullish, Bit2me, Bitvavo as of the Publication date and may be available to trading on other platforms in the future. USDCV are freely transferable and can be accessed, offered or sold outside of the EEA by third parties. For the avoidance of doubt, the Issuer will not offer or sell or redeem USDCV to a person that is located in a jurisdiction in which such offer, sale or redemption would cause the Issuer to be in breach of local applicable laws and regulations. |
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| Part A - Information about the issuer of the e-money token | |||||
| A.1 Statutory name | text | ||||
| A.2 Trading name | text | ||||
| A.3 Legal form | text | ||||
| A.4 Registered address | |||||
| Registered addess | text | ||||
| Country | enumeration | ||||
| Sub-division | text | ||||
| A.5 Head office | |||||
| Head office | text | ||||
| Country | enumeration | ||||
| Sub-division | text | ||||
| A.6 Registration date | date | ||||
| A.7 Legal entity identifier | LEI | ||||
| A.8 Another identifier required pursuant to applicable law | text | ||||
| A.9 Contact telephone number | text | ||||
| A.10 E-mail address | text | ||||
| A.11 Response time (days) | integer | ||||
| A.12 Parent company | text | ||||
| A.13 Members of the management body | |||||
| Member #1 | id | 1 | |||
| Identity | text | ||||
| Business address | text | ||||
| Function | text | ||||
| Member #2 | id | 2 | |||
| Identity | text | ||||
| Business address | text | ||||
| Function | text | ||||
| Member #3 | id | 3 | |||
| Identity | text | ||||
| Business address | text | ||||
| Function | text | ||||
| A.14 Business activity | textBlock | Société Générale - FORGE is authorized as a French investment firm supervised by the ACPR and regulated by the French Autorité des Marchés Financiers (the Financial Markets Regulator) (the "AMF"). It is licensed for the provision of the following services: - reception and transmission of orders - execution of orders on behalf of clients and safekeeping; and - administration of financial instruments for the account of clients, including custodianship and the following services: reception and transmission of orders, execution of orders on behalf of clients and safekeeping and administration of financial instruments for the account of clients, including custodianship and related services. Société Générale - FORGE is licensed as crypto-asset service provider (CASP) with the ACPR and the AMF to provide the following services: - custody of crypto-assets on behalf of a client; - transfer of crypto-assets for clients, and - execution of orders on crypto-assets for clients. |
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| A.15 Parent company business activity | textBlock | Société Générale is a credit institution under French law authorized and supervised by the ACPR, under the direct prudential supervision of the European Central Bank ("ECB"). As a company whose securities are admitted to trading on a regulated market and an investment services provider, Société Générale is also subject to supervision by the AMF. Société Générale is organized to carry out all banking transactions and provide all investment services with the exception of the investment service of operating a multilateral trading facility (MTF) or an organized trading system (OTF). It is subject to the laws and regulations specific to the financial sector, in particular the provisions of the applicable European regulations, the articles of the French Monetary and Financial Code and, where applicable, to local law provisions, in particular for its branches. It is also subject to compliance with a certain number of prudential rules and, as such, to the controls of the ECB, as well as of the ACPR in respect of the latter's sphere of competence. The purpose of Société Générale is, under the conditions determined by the laws and regulations applicable to credit institutions, to carry out with individuals or legal entities, in France and abroad: - all banking transactions; - all transactions related to banking operations, including in particular investment services or related services referred to in Articles L. 321-1 and L. 321-2 of the French Monetary and Financial Code; - all acquisitions of interests in other companies. Société Générale may also, on a regular basis, as defined in the conditions set by the regulations in effect, engage in all transactions other than those mentioned above, in particular insurance brokerage. Generally, Société Générale may carry out, on its own behalf, on behalf of a third party or jointly, all financial, commercial, industrial or agricultural, security or property transactions, directly or indirectly related to the abovementioned activities or likely to facilitate their accomplishment. A more detailed description of Société Générale is available in its 2025 Universal Registration Document, available at: https://societegenerale.com/sites/default/files/documents/2025-03/universal-registration-document-2025.pdf |
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| A.16 Conflicts of interest | text | The regulation of digital assets is an evolving area of law and subject to modification by governments and judicial actions. The effect of any future regulatory change, and the decisions of Société Générale associated to those changes may be contrary to the interests of the Issuer, and have a negative impact on the rights of the Holders. Société Générale Group provides a full array of capital market products and advisory services worldwide. Such business activities may include the acquisition or the possession of material and/or confidential information that may cause consequences adverse to the Issuer activities and to the rights of the Holders. |
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| A.17 Issuance of other crypto-assets | boolean | ||||
| A.18 Activities related to other crypto-assets | boolean | ||||
| E-money token issuer and DLT business association | |||||
| A.19 Connection between the issuer and the entity running the DLT | boolean | ||||
| A.20 Description of the connection between the issuer and the entity running the DLT | textBlock | ||||
| A.21 Newly established | boolean | ||||
| A.22 Financial condition for the past three years | textBlock | The Issuer is a French investment firm supervised by the ACPR and regulated by the AMF. It is licensed for the provision of the following services: reception and transmission of orders, execution of orders on behalf of clients and safekeeping and administration of financial instruments for the account of clients, including custodianship and related services. The Issuer is licensed as crypto-asset service provider (CASP) with the ACPR and the AMF to provide the following services: - custody of crypto-assets on behalf of a client; - transfer of crypto-assets for clients, and - execution of orders on crypto-assets for clients The Issuer was incorporated in 2020. Since its incorporation in 2020, the Issuer has developed its activities progressively and operates within the regulatory framework applicable to investment firms and electronic money institutions. The Issuer's financial condition is supported by its integration within the Société Générale Group and its compliance with applicable prudential and capital requirements. The Issuer maintains an adequate level of own funds in line with regulatory requirements. Its business model is structured to limit financial risks related to the issuance and redemption of USDCV. No material adverse change in the financial condition of the Issuer has occurred over the past three years that would affect its ability to fulfil its obligations towards USDCV holders. |
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| A.23 Financial condition since registration | textBlock | ||||
| A.24 Exemption from authorisation | boolean | ||||
| A.25 E-money token authorisation | text | ||||
| A.26 Authorisation authority | enumeration | ||||
| Information on whether persons other than issuer are involved | |||||
| A.27 Persons other than the issuer offering to the public or seeking admission to trading of the e-money token in accordance with Article 51(1), second subparagraph, of Regulation (EU) 2023/1114 | N/A | . | |||
| A.28 Persons other than the issuer offering to the public or seeking admission to trading of the e-money token in accordance with Article 51(1), second subparagraph, of Regulation (EU) 2023/1114 | N/A | . | |||
| A.29 Reason for offering to the public or seeking admission to trading of the e-money token | N/A | . | |||
| Part B - Information about the e-money token | |||||
| B.1 Name | text | ||||
| B.2 Abbreviation | text | ||||
| B.3 Details of all natural or legal persons involved in design and development | |||||
| Person #1 | id | 1 | |||
| Type of person | enumeration | ||||
| Name of person | text | ||||
| Business address of person | text | ||||
| Domicile of company | enumeration | ||||
| Person #2 | id | 2 | |||
| Type of person | enumeration | ||||
| Name of person | text | ||||
| Business address of person | text | ||||
| Domicile of company | enumeration | ||||
| A description of the characteristics of the e-money token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article | |||||
| B.4 Type of white paper | enumeration | ||||
| B.5 Type of submission | enumeration | ||||
| B.6 Crypto-asset characteristics | textBlock | As of the date of this White Paper, USDCV do not constitute "significant e-money tokens" as defined by Article 56 of MiCAR. The USDCV are issued by the Issuer at a nominal value of one unit of USD per USDCV. The USDCV will not give rise to any distribution, interest or otherwise. The Issuer may from time to time without the consent of the Holders create and issue further USDCV representing the same rights in all respects as set out in this White Paper, and so that the same shall be assimilated and form a single class with the outstanding USDCV. The newly minted USDCV will, immediately upon issue, be fungible with the existing USDCV, irrespective of the blockchain used. Further details on the characteristics of USDCV can be found in section D of this White Paper. |
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| B.7 Website of the issuer | text | ||||
| B.8 Starting date of offer to the public or admission to trading | date | ||||
| B.9 Publication date | date | ||||
| B.10 Any other services provided by the issuer | textBlock | The Issuer is a French investment firm supervised by the ACPR and regulated by the AMF. It is licensed for the provision of the following services: reception and transmission of orders, execution of orders on behalf of clients and safekeeping and administration of financial instruments for the account of clients, including custodianship and related services. The Issuer is licensed as crypto-asset service provider (CASP) with the ACPR and the AMF to provide the following services: - custody of crypto-assets on behalf of a client; - transfer of crypto-assets for clients, and execution of orders on crypto-assets for clients |
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| B.11 Language or languages of white paper | text | ||||
| B.12 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available | text | 8TF1FZX7H on Solana network 7MV60JJTP on Canton Network |
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| B.13 Functionally fungible group digital token identifier, where available | text | ||||
| B.14 Personal data flag | boolean | ||||
| B.15 LEI eligibility | boolean | ||||
| B.16 Home member state | enumeration | ||||
| B.17 Host member states #1 | enumerationSet | ||||
| B.17 Host member states #2 | enumerationSet | ||||
| B.17 Host member states #3 | enumerationSet | ||||
| B.17 Host member states #4 | enumerationSet | ||||
| B.17 Host member states #5 | enumerationSet | ||||
| B.17 Host member states #6 | enumerationSet | ||||
| B.17 Host member states #7 | enumerationSet | ||||
| B.17 Host member states #8 | enumerationSet | ||||
| B.17 Host member states #9 | enumerationSet | ||||
| B.17 Host member states #10 | enumerationSet | ||||
| B.17 Host member states #11 | enumerationSet | ||||
| B.17 Host member states #12 | enumerationSet | ||||
| B.17 Host member states #13 | enumerationSet | ||||
| B.17 Host member states #14 | enumerationSet | ||||
| B.17 Host member states #15 | enumerationSet | ||||
| B.17 Host member states #16 | enumerationSet | ||||
| B.17 Host member states #17 | enumerationSet | ||||
| B.17 Host member states #18 | enumerationSet | ||||
| B.17 Host member states #19 | enumerationSet | ||||
| B.17 Host member states #20 | enumerationSet | ||||
| B.17 Host member states #21 | enumerationSet | ||||
| B.17 Host member states #22 | enumerationSet | ||||
| B.17 Host member states #23 | enumerationSet | ||||
| B.17 Host member states #24 | enumerationSet | ||||
| B.17 Host member states #25 | enumerationSet | ||||
| B.17 Host member states #26 | enumerationSet | ||||
| B.17 Host member states #27 | enumerationSet | ||||
| B.17 Host member states #28 | enumerationSet | ||||
| B.17 Host member states #29 | enumerationSet | ||||
| Part C - Information about the offer to the public of the e-money token or its admission to trading | |||||
| C.1 Public offering or trading | enumeration | ||||
| C.2 Number of units | integer | ||||
| Trading platforms characteristics | |||||
| C.3 Trading platforms name | text | The USDCV may be available to trading on other platforms in the future, with or without the prior approval or request of the Issuer. |
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| C.4 Trading platforms market identifier code (MIC) | text | STXX for Bit2me VAVO for Bitvavo |
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| C.5 Applicable law | textBlock | ||||
| C.6 Competent court | textBlock | ||||
| Part D - Information on the rights and obligations attached to e-money tokens | |||||
| D.1 Holder's rights and obligations | text | The Issuer and the Valid Purchaser will agree on the funds and/or assets to be delivered by the Valid Purchaser to the account specified by the Issuer in exchange for the USDCV, and upon confirmation by the Issuer of the good receipt of such funds and/or assets and transfer to the Segregated Account, the USDCV will either be minted directly on the Valid Purchaser's public address or minted on the Issuer's public address and subsequently transferred to the Valid Purchaser's public address. USDCV can also be purchased on the secondary market, e.g., through trading platforms on which USDCV are admitted to trading. A "Valid Purchaser" means a person or entity in respect of which all the verifications required by KYC/AML and Sanctions Rules have been performed by the Issuer and the Issuer is satisfied with such verifications. For the purpose of the above: "KYC/AML and Sanctions Rules" means the KYC/AML Rules and the Sanctions Rules. "KYC/AML Rules" means any applicable laws, regulations and industry standards or guidelines implementing (i) Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, as amended by Directive 2018/843 of the European Parliament and of the Council of 30 May 2018, and as further amended, supplemented or restated and (ii) Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law, as amended, supplemented or restated, and any applicable laws, regulations and industry standards or guidelines relating to anti-money laundering and fight against terrorism financing. "Sanctions" means any economic or financial sanctions, trade embargoes or similar measures enacted, administered or enforced by any of the following (or by any agency of any of the following): (a) the United Nations; (b) the United States of America; (c) the United Kingdom; or (d) the European Union or any present or future member state thereof. "Sanctioned Person" means any person who is a designated target of Sanctions or is otherwise a subject of Sanctions (including without limitation as a result of being (a) owned or controlled directly or indirectly by any person which is a designated target of Sanctions, or (b) organized under the laws of, or a citizen or resident of, any country that is subject to general or country-wide Sanctions). "Sanctions Rules" means (i) any requirements in the Sanctions to conduct screening or other measures to ensure compliance with the Sanctions and (ii) other than in the context of a representation, warranty or obligation of a person relating to Sanctions generally and not the USDCV, the requirement that no holder of USDCV is a Sanctioned Person. USDCV will not give rise to any distribution, interest or otherwise. Redemption at the option of the holder of USDCV: In accordance with Article 49 of MiCAR, Holder that are EEA-residents have, at all times, a claim against the Issuer and have the right to request redemption of their USDCV at par value in immediately available funds denominated in USD. Holders of USDCV that are EEA-residents shall submit their redemption request directly with the Issuer by email to the following email address: redemption.coinvertible@sgforge.com. The Issuer shall confirm the receipt of such redemption request no later than five (5) Business Days after the receipt of the redemption request and submit the Holders to KYC/AML, Sanctions Rules and other controls, as applicable, performed by the Issuer and other requirements such as transferring the USDCV to be redeemed to the Issuer, when applicable. Upon successful completion of the controls, the Issuer will transfer the relevant redemption amount in USD to the Holder's cash account at the latest on the last Business Day of the month following the month the controls were successfully completed. Should the Holder fail to pass the controls, the Issuer will reject the inbound USDCV transfer request and the USDCV will be returned to the Holder's wallet. Holders of USDCV that are EEA-residents but do not comply with KYC/AMLand Sanctions Rules controls may not be able to exercise their redemption right. Holders of USDCV who are not resident of the EEA do not benefit from a direct right of redemption with the Issuer. Such Holders may nevertheless contact the Issuer at redemption.coinvertible@sgforge.com for information or assistance. Any such inquiry or potential interaction remains strictly subject to the Issuer's internal policies, regulatory obligations, and applicable territorial restrictions. For the avoidance of doubt, no USDCV transaction may be conducted between the Issuer and any person who is a US resident. Notices: Notices to the Holders shall be valid if either (i) they are mailed to them at their respective email address or addresses, in which case they will be deemed to have been given on the fourth (4th) Business Day after the mailing, or, at the option of the Issuer, (ii) they are published on the Issuer's website: https://www.sgforge.com/ and on trading platforms offering the USDCV to trading and which are under a contractual relationship with the Issuer, in which case they will be deemed to have been given on the 10th Business Day after the publication. |
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| D.2 Conditions of modifications of rights and obligations | text | The USDCV may be subject to redemption at the sole option of the Issuer upon the occurrence of an Unwind Event, at the price of one unit of USD per USDCV. "Unwind Event" means the Issuer has, upon having given not less than 90 days' notice (the "Notice Period") to the Holders, decided to redeem all (but not some only) the outstanding USDCV and liquidate the Collateral Assets (which notice shall be irrevocable and shall specify the date fixed for redemption, the "Redemption Date", which shall be a Business Day). The Holders on the Redemption Date shall be entitled to receive one USD per USDCV and such payment shall be made based on the information provided by Holders prior to the Redemption Date, and subject to KYC/AML and Sanctions Rules and applicable regulations. Upon the Redemption Date, the USDCV shall become void and no payment shall be made in respect thereof. Redemption following a Special Event: If a Special Event, as defined below, occurs, the Issuer may, by notice to the Holders, elect that the USDCV shall be redeemed. If USDCV become subject to redemption following the occurrence of a Special Event, at the latest on the Business Day immediately following the ninetieth (90th) calendar day after the delivery by the Issuer of the applicable notice of redemption (the "Special Event Redemption Date"), each of these USDCV shall be redeemed at one USD per USDCV. "Business Day" means a day on which: (i) commercial banks settle payments and are open for general business in France and in the United States; and (ii) the Trans-European Automated Real-Time Gross Settlement Express Transfer (T2) System (or any replacement thereof) is operating. A "Special Event" means any of the events as defined below: - a Tax Event, - a Regulatory Event, - a Force Majeure Event. For the purposes of this Condition: "Change in Law" means (i) the adoption, enactment, promulgation, execution or ratification of any applicable new law, regulation or rule (including, without limitation, any applicable tax law, regulation or rule) after the date of publication of this White Paper, (ii) the implementation or application of any applicable law, regulation or rule (including, without limitation, any applicable tax law, regulation or rule) already in force on date of publication of this White Paper but in respect of which the manner of its implementation or application was not known or unclear as of such date, or (iii) the change of any applicable law, regulation or rule existing as at the date of publication of this White Paper, or the change in the interpretation or application or practice relating thereto existing on such date of any applicable law, regulation or rule, by any competent court, tribunal, regulatory authority or any other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any additional or alternative court, tribunal, authority or entity existing as of such date). "Force Majeure Event" means that, by reason of the occurrence of an event or an act of state, on or after the publication of this White Paper, for which the Relevant Entity (as defined below) is not accountable, it becomes impossible and insurmountable for the Relevant Entity to perform its obligations under the USDCV, so that the continuance of the USDCV is thereby rendered definitively impossible. "Regulatory Event" means, following the occurrence of a Change in Law with respect to the Issuer and/or Société Générale and/or any of its affiliate involved in the USDCV (hereafter the "Relevant Entity") that, after the date of publication of this White Paper, (i) any Relevant Entity would incur a materially increased (as compared with circumstances existing prior to such event) amount of tax, duty, liability, penalty, expense, fee, cost or regulatory capital charge however defined or collateral requirements for performing its obligations under the USDCV, (ii) it is or will become for any Relevant Entity impracticable, impossible (in each case, after using commercially reasonable efforts), unlawful, illegal or otherwise prohibited or contrary, in whole or in part, under any law, regulation, rule, judgment, order or directive of any governmental, administrative or judicial authority, or power, applicable to such Relevant Entity (a) to hold, acquire, issue, reissue, substitute, maintain, convert the USDCV, (b) to acquire, hold, sponsor or dispose of any asset(s) (or any interests thereof) of any other transaction(s) such Relevant Entity may use in connection with the issue of the USDCV, (c) to perform obligations in connection with, the USDCV or (d) to hold, acquire, maintain, increase, substitute or convert all or a substantial part of its direct or indirect shareholding in the Issuer's capital or the capital of any Relevant Entity or to directly or indirectly sponsor the Issuer or any Relevant Entity, or (iii) there is or may be a material adverse effect on a Relevant Entity in connection with the issue of the USDCV. "Tax Event" means that (i) the Issuer has or will become obliged to pay additional amounts as a result of any change in, or amendment to, the laws or regulations of a Tax Residence Jurisdiction or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of publication of this White Paper, and (ii) such obligation cannot be avoided by the Issuer taking reasonable measures available to it, and (iii) the Issuer would, on the occasion of the next payment in respect of the USDCV, be prevented by the law of a Tax Residence Jurisdiction from causing payment to be made to the Holders of the full amount then due and payable. "Tax Residence Jurisdiction" means France or any political subdivision or any authority thereof or therein having power to tax, and any country in which the Issuer would be incorporated into. As provided with and in accordance to article 51 of MiCAR, any significant new factor, any material mistake or any material inaccuracy that would be capable of affecting the assessment of USDCV will be described in a modified version of this White Paper and notified to the competent authorities and published on the Issuer's website, except when these modifications are related to the implementation of the Issuer's recovery and redemption plan (see D.4 and D.5). Holders of USDCV agree that the Issuer has the authority to blacklist certain USDCV addresses. This decision is made at the Issuer's sole discretion if it suspects that these addresses may be involved in illegal activities or violate the Issuer's requirements and/or the provisions outlined in this White Paper. If a Holder sends or receives USDCV from a blacklisted address, the Issuer has the right to freeze the corresponding USDCV. In some instances, the Issuer may find it necessary to report suspected illegal activities to relevant law enforcement agencies. As a result, holders may lose their rights associated with their USDCV, including the ability to redeem it for USD. Additionally, the Issuer may be required to freeze USDCV and/or surrender any related USD held in the Segregated Account(s) if it receives a legal order from a valid government authority mandating such actions. . |
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| D.3 Description of the rights of the holders | textBlock | In accordance with Article L. 526-32 of the French Monetary and Financial Code, the assets comprised in the Segregated Account(s) are protected against any recourse by other creditors of the Issuer, including in the event of any enforcement proceeding or insolvency proceeding initiated against the Issuer, even proceedings triggered in accordance with Book VI of the French Commercial Code. |
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| D.4 Rights in implementation of recovery plan | textBlock | The final guidelines EBA/GL/2024/07 issued by the EBA set out that recovery plans should comprise four elements: (i) a summary of the key elements of the recovery plan, (ii) the information on governance, (iii) the description of the applicable recovery options, and (iv) a communication and disclosure plan. The Issuer has followed such guidelines to prepare the recovery plan and has submitted it to the ACPR within 6 months after the starting date of offer to the public or admission to trading as per Article 55 of MiCAR. In the context of the recovery plan, the Issuer has put in place: (i) recovery plan indicators that are monitored and supervised on a regular basis; (ii) an escalation procedure if the Issuer thinks that a breach is likely to materialize in the near future; and (iii) recovery options in accordance with Article 46(1) of MiCAR and EBA's guidelines. Without prejudice to Article 49 of MiCAR, upon the trigger of a recovery option, the redemption of the USDCV may become subject to: (i) liquidity fees, (ii) a daily limit in terms of quantity of USDCV that can be redeemed by the Issuer for the purposes of this recovery option; (iii) a suspension of redemptions to stop the redemption requests and give time to the market to come back to a proper situation, while leaving enough time for the Issuer to improve its liquidity situation; (iv) a modification of the composition of the reserve of assets. The recovery options will be notified to the public and shared for approval with the ACPR following the recovery plan launch. Should the recovery plan be triggered, the Issuer will provide regular updates on the evolution of the recovery option implementation to the ACPR and will be responsible for ensuring a smooth transition towards the implementation of the Issuer's orderly redemption plan pursuant to Articles 47 and 55 of MiCAR should it be decided at some point by the ACPR. |
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| D.5 Rights in implementation of redemption plan | textBlock | The final guidelines on redemption plans EBA/GL/2024/13 issued by the EBA set out that redemption plans should comprise four elements: (i) the information on governance, (ii) description of critical activities and contractual arrangements, (iii) description of process for the redemption of USDCV holders' claim, and (iv) a communication plan. The Issuer has followed such guidelines to prepare the redemption plan and will submit it to the ACPR within 6 months after the starting date of offer to the public or admission to trading as per Article 55 of MiCAR. The Issuer will implement the redemption plan upon the notification of the ACPR's decision triggering the implementation of the plan in accordance with Article 47(1) of MiCAR and EBA's guidelines. The Issuer will redeem the USDCV in accordance with section D.1. Should the redemption amount be less than 1 USD per USDCV, Holders will have a residual claim on the Issuer for any shortfall amount. Implementation of the redemption plan does not create any direct claim against the Issuer for Holders who are not EEA-residents. |
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| D.6 Complaint submission contact | text | Société Générale – Forge Tours Société Générale, 17 Cours Valmy Paris-La Défense Cedex |
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| D.7 Complaints handling procedures | textBlock | In accordance with this procedure, Société Générale - FORGE undertakes to acknowledge receipt of the request within 10 working days and to provide a response within a maximum of 60 days of receipt of the complaint, unless special circumstances arise. Société Générale - FORGE has also put in place the necessary monitoring and governance arrangements to enable complaints to be dealt with effectively. Holders who acquired USDCV through third parties should also address their requests and complaints relating to purchases, liquidity or other issues to the relevant third parties. |
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| D.8 Dispute resolution mechanism | textBlock | AMF Ombudsman Autorité des Marchés Financiers 17 place de la Bourse 75082 Paris Cedex 02 France The mediation charter is also available on the AMF website. |
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| E-money token schemes details | |||||
| D.9 Token value protection schemes | boolean | ||||
| D.10 Token value protection schemes description | textBlock | The Issuer will transfer the issuance proceeds, converted in USD, as the case may be, to the Segregated Account(s) so that the issuance proceeds will serve as collateral for the USDCV. The assets comprised in the Segregated Account(s) are referred to as the "Collateral Assets", as such term is defined hereof. The Issuer will manage the Collateral Assets in accordance with the provisions of Article 54 of MiCAR and the Collateral Assets Provisions, defined by the Issuer, to maintain the value of the USDCV stable at one USD per unit. Collateral Assets Provisions: 1. Description of the collateral related agent roles: Pursuant to Article L. 522-17 of the French Financial and Monetary Code and the terms of a segregated account agreement between the Issuer and the Initial Collateral Custodian, the Initial Collateral Custodian will hold the Initial Segregated Account. The Issuer may open additional Segregated Accounts with Subsequent Collateral Custodians. The Collateral Custodian(s) will provide the Issuer (or cause that the Issuer is provided) with information about the Collateral Assets on a daily basis. This will allow the Issuer to calculate on each Collateral Test Date thereafter the Collateral Assets Value and to verify that the Collateral Test is satisfied. 2. Description of the Collateral Assets: 2.1 Collateral Assets The Collateral Assets held in the Segregated Account may comprise from time to time the following: (i) any non-invested cash and cash distributions received by the Issuer; and (ii) the securities purchased by the Issuer, which shall qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of MiCAR, and are denominated in USD. 2.2 Eligibility Criteria To constitute "Eligible Collateral Assets", Collateral Assets held in the Segregated Account(s) must satisfy the following "Eligibility Criteria": a) Cash deposited with a Collateral Custodian; b) Securities purchased by the Issuer, which shall qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of MiCAR, and are denominated in USD, with a rating at least equivalent to the long term unsecured credit rating of senior preferred debt of Société Générale. 3. Collateralization Mechanism In order to ensure that USDCV are collateralized in accordance with terms herein, on each Collateral Test Date, the Issuer will verify that (i) the Collateral Assets comply with the Eligibility Criteria, (ii) the Collateral Assets Value (as defined below) will be at least equal to the Required Collateral Assets Value and (iii) the portion of Eligible Collateral Assets held in cash is sufficient in accordance with Article 54 of MiCAR. 3.1 Valuation of Collateral Assets The "Collateral Assets Value" means the aggregate market value as of the relevant date, expressed in USD, of all the Eligible Collateral Assets, as determined by the Issuer acting in good faith and in a commercially reasonable manner. For the purpose of determining the Collateral Assets Value, the value of any Collateral Asset which has ceased to comply with the Collateral Rules shall be deemed to be zero. Notwithstanding the foregoing, any assets in the Segregated Account(s) at the time of a Collateral Disruption Event that do not meet the Eligibility Criteria shall constitute Collateral Assets for the purposes of liquidation and distribution of proceeds. 3.2 The Collateral Test On each Collateral Test Date, the Issuer will determine the Collateral Assets Value and will determine whether the Collateral Assets: (i) meet the Eligibility Criteria; (ii) have a Collateral Assets Value at least equal to the Required Collateral Assets Value: and (iii) cash held in Segregated Account(s) represent at least 30% of the Required Collateral Assets Value. If those three conditions are met, the "Collateral Test" is satisfied. On any day, the "Required Collateral Assets Value" is equal to the quantity of USDCV outstanding multiplied by one unit of USD. "Collateral Test Date" means any Business Day from, and including, the first issue date of the USDCV, to, but excluding, the last redemption date of the USDCV. As per the recovery plan (see Section D.4 of this White Paper), if, on a Collateral Test Date, the Issuer determines that the Collateral Test is not satisfied, the Issuer shall transfer assets in the Segregated Account in a timely manner and at the latest 5 Business Days following the first Collateral Test Date on which the Collateral Test was not satisfied, in order that, after such adjustment or replacement, the Collateral Test will be satisfied. Until any such adjustments to the Collateral Assets have been effected, the value of Collateral Assets held in the Segregated Account may be less than the Required Collateral Assets Value. If, on a Collateral Test Date, the Issuer determines that the Collateral Assets Value is greater than the Required Collateral Assets Value, the Issuer may remove Collateral Assets from the Segregated Account(s), provided that after such adjustment the Collateral Test shall continue to be satisfied. 3.3 Publication of the Collateral Assets and the Collateral Test results On each Collateral Test Date, the Issuer shall verify that the Collateral Test is satisfied. For any Collateral Test, all the related information (composition and details of the Collateral Assets, the Collateral Assets Value, the Required Collateral Assets Value and result of the Collateral Test) will be published on Société Générale – Forge website on the Business Day immediately following the relevant Collateral Test Date. 3.4 Appointment of Collateral Monitoring Agent The Issuer may appoint a third party to act as collateral monitoring agent (the "Collateral Monitoring Agent") where the Collateral Monitoring Agent shall, on each Collateral Test Date, calculate the Collateral Value and the Required Collateral Value and verify that the Collateral Test is satisfied. 4. Collateral Disruption Event A "Collateral Disruption Event" means any of the following events: (i) the Issuer considers in its sole and absolute discretion that: a) it is unable, as a result of any legal, contractual or other restrictions or constraints (including, without limitation, any laws, regulations, court orders, other governmental or regulatory constraints), adverse market conditions or a lack of liquidity in the market or otherwise, after using commercially reasonable efforts to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to obtain Eligible Collateral Assets; or (B) freely realize, recover, remit, receive, repatriate or transfer the proceeds of any such transactions(s) or assets(s) relating to the Collateral Assets; or b) it would incur a materially increased (as compared with circumstances existing on the last issue date of USDCV) amount of tax, duty, expense, fee or other relevant cost (including, for the avoidance of doubt, any funding cost) to (A) acquire, borrow, substitute, or dispose of any Collateral Assets, or (B) realize, recover or remit the proceeds of any such Collateral Assets; or (ii) the Issuer determines that the Collateral Test is not satisfied for five (5) consecutive Collateral Test Date. The Issuer, or a party appointed by the Issuer, shall, upon the occurrence of a Collateral Disruption Event, liquidate the Collateral Assets as soon as reasonably practicable. After the realization and liquidation in full of all the Collateral Assets, the Issuer shall use the Collateral Assets Liquidation Proceeds to make payment of any amounts payable to the Holders. 5. Acceleration If a Collateral Disruption Event occurs, the Issuer shall give notice (a "Collateral Disruption Notice"), with a copy to the Collateral Custodian(s), as the case may be, as soon as reasonably practicable to all Holders of the occurrence of such Collateral Disruption Event, following which such USDCV will become redeemable by the Issuer on the date specified in the relevant Collateral Disr |
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| D.11 Compensation schemes | boolean | ||||
| D.12 Compensation schemes description | textBlock | ||||
| D.13 Applicable law | textBlock | ||||
| D.14 Competent court | textBlock | The Issuer waives any objection to the courts of France on the grounds that they are an inconvenient or inappropriate forum. To the extent allowed by law, the Holders may take any suit, action or proceedings (together referred to as "Proceedings") arising out of or in connection with the USDCV against the Issuer in any other court of competent jurisdiction and concurrent Proceedings in any number of jurisdictions. |
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| Part E - Information on the underlying technology | |||||
| E.1 Distributed ledger technology | text | ||||
| E.2 Protocols and technical standards | textBlock | In Ethereum, there is a single canonical computer (called the Ethereum Virtual Machine, or "EVM") whose state everyone on the Ethereum network agrees on. USDCV smart contract is based on - ERC – 20 standard used for fungible tokens on Ethereum and - Token 2022 used for fungible tokens on Solana. - On Canton Network, USDCV are issued in accordance with the Canton Token Standard (CIP-56) Further information available at: - on ERC – 20 standard: https://ethereum.org/en/developers/docs/standards/tokens/erc-20/ - on Token 2022: https://solana.com/fr/docs/programs/examples#token-2022-token-extensions - on Canton: https://www.canton.network/blog/what-is-cip-56-a-guide-to-cantons-token-standard Any mint, burn and transfer of USDCV are transactions. The record of all transactions are stored on the blockchain, which in turn is stored and agreed upon by all the network. Mint and burn of USDCV can only be performed by the Issuer by interacting with USDCV smart contract. The record of USDCV on a public address, associated with the correspondent private cryptographic key, constitutes the ownership of USDCV. USDCV are freely transferable by the Holders using their private cryptographic key to sign the transactions that will be integrated in a new block and broadcasted to DLT network once validated, without any action or control from either from the Issuer, or any third party. |
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| E.3 Technology used | textBlock | USDCV is compatible with the Compliant Architecture for Security Tokens Framework (or CAST Framework) as of the Date of notification. The Issuer may decide to amend, complement or change USDCV compatibility features with the CAST Framework or other frameworks in the future. |
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| E.4 Purchaser's technical requirements | textBlock | Holders of USDCV can either store their private key on a self-custody solution or device, or in a custody solution provided by a CASP under MiCAR. |
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| E.5 Consensus mechanism | text | Since 15 September 2022, Ethereum network is based on a proof-of-stake consensus mechanism for which validators are chosen to create a new block based on the number of ETH they hold and they are willing to stake capital into a smart contract. The validator is then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks. If the validator tries to defraud the network, some or all of its stake of ETH can be destroyed. More information on Ethereum consensus mechanism: https://ethereum.org/en/developers/docs/consensus-mechanisms/ Solana: Solana network uses the hybrid consensus mechanism that combines proof-of-stake and proof-of-history. Under the proof-of-stake consensus mechanism, validators are chosen to create a new block based on the number of SOL they hold, and they are willing to stake capital into a smart contract or a program. The validator is then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks. If the validator tries to defraud the network, some or all of its stake of SOL can be destroyed. To support proof-of-stake consensus mechanism, Solana utilizes proof-of-history mechanism which is cryptographic time-keeping mechanism used before consensus that allows validators to order transaction and to trust encoded timestamps, which significantly optimizes the overall network. This reduces the overhead and latency of ordering in a distributed network. More information on Solana consensus mechanism: https://solana.com/developers/evm-to-svm/consensus Canton: Canton's primary goal is to provide consistent data across parties. In other words, Canton aims to achieve consensus amongst parties on the active contracts on which they are joint stakeholders, and on the validity of the transactions that led to this state. The standard approach to consensus is state machine replication, where all participants replicate the same global state. However, replicating the entire global state is not acceptable for privacy and scalability reasons. Instead, Canton's proof-of-stakeholder consensus protocol is split into two layers of consensus. To achieve consistency along with privacy, the first consensus layer is a two-phase commit protocol that replicates each contract to the contract's stakeholders while concurrently enabling each stakeholder to validate the transaction. Conceptually, this can be thought of as having a replicated state machine for every subset of parties. For this first layer to commit transactions consistently, nodes must agree on the order in which conflicting transaction requests are applied to the ledger. Therefore, the second consensus layer is a sequencing protocol that receives encrypted transactions and determines a timestamp for each transaction. This sequencing layer can be run on a central Canton Service Providers (CSP) or, when connected to a virtual CSP's distributed sync domain, this sequencing protocol runs as a replicated state machine secured by a Byzantine Fault Tolerant (BFT) consensus algorithm. Thus, the virtual CSP determines a total order on transaction requests within a sync domain, and transaction processing is deterministic. More information on Canton Network Consensus mechanism: https://www.canton.network/hubfs/Canton/Canton Network - White Paper.pdf |
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| E.6 Incentive mechanisms and applicable fees | text | User specifies a gas limit and a gas price when sending transactions. The gas limit represents the maximum amount of work the transaction can consume while the gas price indicates the amount of Ether (ETH) the user is willing to pay per unit of gas. Higher gas prices incentivize miners to prioritize transactions. On Solana, the main channels for participant remittances are referred to as protocol-based rewards and transaction fees. Protocol-based rewards are generated from an inflationary issuance to remunerate delegated stake of SOL and validators. Transaction fees is a small fee paid for each transaction (which contains one or more instructions) that is sent through the network and gets processed by the validator. Once confirmed as a global state transaction, the transaction fee is paid to the validator. On Canton, Coins are issued and distributed through a reward mechanism under which eligible network activity generates weighted rewards occurring approximately every 10 minutes. Newly minted Canton Coins are allocated to application providers, validators and Super Validators based on their respective contributions to Canton network operation and usage. The network operates a burn-and-mint mechanism whereby fees paid in Canton Coins are burned upon payment and new Canton Coin are minted and distributed through the reward process. Network fees reflect both transaction execution and consumption of Canton network resources. |
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| E.7 Use of distributed ledger technology | boolean | ||||
| E.8 DLT functionality description | textBlock | ||||
| E-money token's audit details | |||||
| E.9 Audit | boolean | ||||
| E.10 Audit outcome | textBlock | The USDCV Solana Smart Contract was audited by the renowned blockchain security firm HACKEN in December 2024. No critical severity issues were identified. Two findings were reported: one high-severity issue, which has been resolved, and one low-severity issue, which was accepted. Regarding Canton Network, mint and burn operations on USDCV will be executed through a third party platform, which relies on Digital Asset framework. That framework has been audited by CertiK. The audit report is available on the Issuer's website. |
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| Part F - Information on the risks | |||||
| F.1 Issuer-related risks | textBlock | If the Issuer defaults or goes bankrupt, Holders may suffer a partial or total loss of the amount invested. USDCV is not legal tender in any jurisdiction, is not backed by any government, and accounts containing value balances in US Dollars represented by USDCV are not insured by the US Federal Deposit Insurance Corporation or US Securities Investor Protection Corporation. SG and BNY will act as the Initial Collateral Custodian in the books of which the Initial Segregated Account are opened. As a result, Holders will be exposed not only to the credit risk of SG and BNY but also to operational risks arising from the lack of independence of SG and BNY towards Société Générale - FORGE. Whilst compliance procedures require effective segregation of duties and responsibilities between the relevant divisions, the possibility of conflicts of interest arising cannot be wholly eliminated. A deterioration of SG and BNY's credit risks would have a negative impact on the obligations of Société Générale - FORGE in relation to the USDCV. Risks of interruption or malfunction of Société Générale information and communication systems due to cybercriminality The Issuer relies largely on Société Générale's group information and communication systems to carry out its business. Any interruption or malfunction in the security of Société Générale's systems, which could be caused in particular by a breakdown or operational failure of its financial intermediaries or external service providers which it uses to carry out or facilitate its securities operations or by malicious and/or fraudulent acts using digital means to reach data, data treatments and data users and constituting a cybercrime, could lead to malfunctions or interruptions in Société Générale Group's information and communication. Even if the Société Générale Group has developed means aiming at preventing the occurrence of such events, these risks cannot be totally excluded. If such interruptions, malfunctions, malicious and/or fraudulent acts occurred, the Issuer might not be able to perform its obligations under the USDCV or might perform them only partly. In those cases, the Issuer may temporarily suspend the performance of its obligations without this constituting an event of default. Consequently, investors may lose part or all of their investment in the USDCV. Risk relating to the applications of international financial sanctions Economic or financial sanctions, trade embargoes or similar measures (the "Sanctions" for the purpose of this item F.1) may be enacted, administered or enforced by the United Nations, the United States of America, the United Kingdom or the European Union (or any present or future member state thereof) (or by any agency of any of above mentioned) against countries, entities and/or individuals. Sanctions usually aim at prohibiting payments to be made to the relevant countries, entities and/or individuals, and as such may affect the capacity of the Issuer to effectuate payments of redemption amounts in whole or in part. The Sanctions may be different from one of the jurisdictions or organizations mentioned above to another, they may have an extraterritorial effect. The way of complying with the Sanctions also largely relies on the interpretation made by the authorities in charge of the implementation of these Sanctions. In that context, the Issuer would suspend the performance of its obligations without this constituting an event of default. Consequently, investors may lose part or all of their investment in the USDCV. |
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| F.2 Token-related risks | textBlock | The Issuer may decide to redeem early the USDCV in fiat currency upon the occurrence of certain events (including, without limitation, a change in law or regulation, including tax law, or a force majeure event affecting the Issuer or another party). Redemption of the USDCV into fiat currencies may have a tax impact for Holders. Early redemption at the option of the Issuer following an Unwind Event The USDCV can also be subject to an Unwind Event, which can be triggered at the Issuer's sole discretion at any time during the life of the USDCV. Such action will trigger the early redemption of all, but not some only, the USDCV outstanding as of such redemption. This could result in USDCV being converted into fiat currency earlier than the Holders had anticipated. Redemption of the USDCV into fiat currencies may have a tax impact. Exchange rate risks and exchange controls: Holders will be able to exchange their USDCV against an amount in USD. This presents certain risks relating to currency conversions if a Holder's financial activities are denominated principally in a currency or currency unit (the "Purchaser's Currency") other than USD. These include the risk that exchange rates may significantly change (including changes due to devaluation of USD or revaluation of the Purchaser's Currency) and the risk that authorities with jurisdiction over the Purchaser's Currency may impose or modify exchange controls. An appreciation in the value of the Purchaser's Currency relative to the USD would decrease (1) the Purchaser's Currency-equivalent yield on the Tokens, (2) the Purchaser's Currency equivalent value of the amount payable on the Tokens and (3) the Purchaser's Currency equivalent value of the USDCV. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate, which may have a negative financial impact for Holders. Risks relating to legal, tax and regulatory changes Legal, tax and regulatory changes could occur during the term of the USDCV that may adversely affect the USDCV or the Collateral Assets. The regulatory environment is evolving, and changes in the regulation of any entities may adversely affect their value. Regulators and self-regulatory organisations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The regulation of digital assets and securities is an evolving area of law and are subject to modification by government and judicial action. The effect of any future regulatory change on the USDCV or on the Collateral Assets could be material and consequently may adversely affect the value of the USDCV. This White Paper (including any non-contractual obligations arising therefrom or connected therewith) is based on relevant laws in effect as at the date of this White Paper. No assurance can be given as to the impact of any possible judicial decision or change to such laws, or the official application or interpretation of such laws or administrative practices after the date of this White Paper. Risks on secondary market of the USDCV Certain exceptional market circumstances may adversely affect the liquidity of the USDCV. Holders may not be able to sell their USDCV easily to other parties or may have to sell them at a price that is lower than their face value. This may result in a partial or total loss of the amount purchased. There may be no market on which USDCV may be traded, which may have a material adverse effect on the price at which such USDCV could be resold and may result in the total or partial loss of the amount purchased. Liquidity and counterparty risk for Holders that are residents outside the EEA Holders of USDCV who are resident outside of the EEA do not have a direct right of redemption against the Issuer, even if they may be able to access or acquire USDCV in their jurisdiction through third parties. For non EEA residents, the Issuer reserves the right, in its sole discretion, to refuse any redemption request, including in circumstances where the Issuer determines that fulfilling such request would breach, or risk breaching, applicable local laws or regulations. Holders located outside the EEA acknowledge and accept that, by acquiring USDCV, they assume the risk of not being able to redeem their USDCV with the Issuer under any circumstances. |
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| F.3 Technology-related risks | textBlock | The malfunction, unintended function, coding or human error or unexpected functioning of the smart contracts to register the USDCV on the distributed ledger technology may have adverse consequences on the settlement, the registration and the transfer of the USDCV. The distributed ledger technology network may present software vulnerabilities, be overtaken by advances in cryptography or in computing power or experience a fork, which may have adverse consequences on the registration of the USDCV on the distributed ledger technology. Transactions involving USDCV may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The rewards and transaction fees may be insufficiently high to incentivize transaction validators, causing a reduction of the overall security level of the distributed ledger technology. |
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| F.4 Mitigation measures | textBlock | ||||
| Part G - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts | |||||
| G.1 Adverse impacts on climate and other environment-related adverse impacts | textBlock | Société Générale - FORGE acting as issuer of e-money tokens is providing information on principal adverse impacts on the climate and other environment related adverse impacts of the consensus mechanism used to validate transactions in USDCV, (FFG LD6JM2JN2, DTI 9XDHG5RZQ on Ethereum,8TF1FZX7H on Solana and 7MV60JJTP on Canton). and to maintain the integrity of the distributed ledger of transactions. The information covers the period from 2022 to 2023. |
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| Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism | |||||
| General information about adverse impacts | |||||
| S.1 Name | text | ||||
| S.2 Relevant legal entity identifier | text | ||||
| S.3 Name of the crypto-asset | text | ||||
| S.4 Consensus mechanism | text | Solana: hybrid consensus mechanism that combines proof-of-stake and proof-of-history Canton: proof-of-stakeholder See field E5 |
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| S.5 Incentive mechanisms and applicable fees | text | ||||
| S.6 Beginning of period to which disclosed information relates | date | ||||
| S.7 End of period to which disclosed information relates | date | ||||
| Mandatory key indicator | |||||
| S.8 Energy consumption | energy (kWh) | ||||
| Sources and methodologies | |||||
| S.9 Energy consumption sources and methodologies | textBlock | https://www.sgforge.com/wp-content/uploads/2023/11/SGF_Carbon-footprint-report_2023-11-20.pdf It takes the average consumption of a node (best guess CCRI) and multiplies by the number of nodes (upper bound at 12,000) for the maintenance of the integrity of the Ethereum network as a whole. For Solana, the Issuer used the figures provided by the DLT through https://climate.solana.com/ . The methodology is described here: https://climate.solana.com/methodology, as provided by CCRI. For Canton: https://climate.canton.network/methodology |
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| Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of consensus mechanism | |||||
| Supplementary key indicators | |||||
| S.10 Renewable energy consumption | percent | ||||
| S.11 Energy intensity | energy (kWh) | ||||
| S.12 Scope 1 DLT GHG emissions - controlled | GHG emissions (tCO2e) | ||||
| S.13 Scope 2 DLT GHG emissions - purchased | GHG emissions (tCO2e) | ||||
| S.14 GHG intensity | GHG emissions (tCO2e) | ||||
| Sources and methodologies | |||||
| S.15 Key energy sources and methodologies | textBlock | https://www.sgforge.com/wp-content/uploads/2023/11/SGF_Carbon-footprint-report_2023-11-20.pdf For Solana: https://climate.solana.com/methodology For Canton: https://climate.canton.network/mica-compliance https://climate.canton.network/methodology |
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| S.16 Key GHG sources and methodologies | textBlock | https://www.sgforge.com/wp-content/uploads/2023/11/SGF_Carbon-footprint-report_2023-11-20.pdf For Solana: https://climate.solana.com/methodology For Canton: https://climate.canton.network/mica-compliance https://climate.canton.network/methodology |
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| Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism | |||||
| Optional indicators | |||||
| S. 17 Energy mix | percent | ||||
| S.18 Energy use reduction | |||||
| Energy use reduction target (absolute value) | energy (kWh) | ||||
| Energy use reduction target (percentage) | percent | ||||
| S.19 Carbon intensity (kgCO2e/kWh) | decimal | ||||
| S.20 Scope 3 DLT GHG emissions - value chain | GHG emissions (tCO2e) | ||||
| S.21 GHG emissions reduction targets or commitments | textBlock | ||||
| S.22 Generation of waste electrical and electronic equipment (WEEE) | mass (tonnes) | ||||
| S.23 Non-recycled WEEE ratio | percent | ||||
| S.24 Generation of hazardous waste | mass (tonnes) | ||||
| S.25 Generation of waste (all types) | mass (tonnes) | ||||
| S.26 Non-recycled waste ratio (all types) | percent | ||||
| S.27 Waste intensity (all types) | mass (tonnes) | ||||
| S.28 Waste reduction targets or commitments (all types) | textBlock | ||||
| S.29 Impact of use of equipment on natural resources | textBlock | ||||
| S.30 Natural resources use reduction targets or commitments | textBlock | ||||
| S.31 Water use | volume (m3) | ||||
| S.32 Non recycled water ratio | percent | ||||
| Sources and methodologies | |||||
| S.33 Other energy sources and methodologies | textBlock | ||||
| S.34 Other GHG sources and methodologies | textBlock | ||||
| S.35 Waste sources and methodologies | textBlock | ||||
| S.36 Natural resources sources and methodologies | textBlock | ||||