Latham & Watkins Advises DeFi Protocol MakerDAO on an Inaugural DAI Stablecoin Facility Collateralized by Tokenized French Covered Bonds

Latham & Watkins has advised MakerDAO on its inaugural French law revolving loan facility denominated in DAI stablecoin collateralized by digital assets.

The DAI facility will enable SG Forge, the subsidiary of Société Générale dedicated to digital assets and blockchain projects, to refinance onchain up to €40 million of tokenized covered bonds backed by a pool of French home loans and registered on the Ethereum blockchain.

MakerDAO is a decentralized finance (DeFi) protocol that allows users to mint DAI stablecoins secured by digital assets deposits. The MakerDAO community voted to approve the project and the creation of a real-world assets (RWA) vault dedicated to the subsidiary of the French bank.

The Latham team was led from Paris/Frankfurt by corporate partner Thomas Vogel, with finance counsel Etienne Gentil and restructuring counsel Thomas Doyen.