Please see below open for discussion:
Number: CIP-TBD Title: Add Societe Generale as a Super Validator (max weight 8) Author(s): Salim Nemouchi Type: Tokenomics Status: Governance Created: 2026-04-24 License: CC0-1.0
1. Summary
This CIP establishes a milestone-based Super Validator commitment framework for Societe Generale on the Canton Network.
Societe Generale already runs Canton validators, has issued a tokenized bond on Canton, and actively participates in the on-chain U.S. Treasury financing working group. This proposal focuses on Societe Generale Prime Services and Clearing accepting tokenized assets on Canton as eligible collateral, as well as SG Forge deploying EURCV/USDCV on Canton.
SV Weight is earned incrementally as milestones are completed and verified. Rewards accrue to escrow, consistent with existing Super Validator mechanics.
The total maximum earnable SV Weight under this CIP is 8
2. Motivation
This CIP recognizes a critical first-mover moment for the Canton Network and for institutional adoption more broadly.
Societe Generale becoming the first prime broker to accept on-chain assets and on-chain cash as eligible collateral for clients to meet margin requirements represents a fundamental shift in how financial markets can operate.
Prime brokerage is a central coordination point in global markets. Establishing on-chain collateral acceptance at this layer sets a new benchmark for the industry, creating a reference model for other prime brokers to follow. This is not incremental progress — it is the establishment of a new standard for how collateral, funding, and settlement can function in an on-chain environment.
This CIP acknowledges that first-mover leadership, while ensuring that the integration is expressed through real, production-scale usage. The structure ties SV Weight not just to capability, but to measurable adoption across:
Collateral: On-chain assets used to meet margin obligations
Funding: Repo transactions executed and settled on-chain
Cash: Native stablecoins enabling atomic settlement
3. Deliverables for SV Rewards
# | Deliverable | Scope | Deadline from CIP Approval | SV Weight (base -> max) | Acceptance / Evidence (TWG-verifiable) |
1 | SG Accepts Tokenized Assets as Collateral | Societe Generale Prime Services & Clearing officially accepts tokenized assets on Canton as eligible collateral. | + 9 mo. | +1 | Completion of at least one production collateral transaction on Canton mainnet (min $10m). Eligible collateral includes tokenized U.S. Treasuries, Eurobonds, JGBs; JPM Coin; SGF EURCV/USDCV; Franklin Templeton iBENJI; or any other asset approved by the Tokenomics Working Group (“TWG”). |
2 | Collateral Acceleration Bonus | Additional SV Weight for earlier production readiness, decreasing linearly from a maximum of +1 if ready in less than 90 days, to +0 at 180 days. | Day 90 -> Day 270 | +0 -> +1 | Formula for calculation: max(0, min(1, (270 - d) / 90)) where d is the number of days between CIP Approval and completion of Deliverable 1. |
3 | SG acts as Counterparty on repo transactions | Societe Generale Global Markets trades tokenized treasury repo on Canton, as principal and agent. | + 15 mo | +2 | +1 SV Weight upon completion of at least one approved production tokenized U.S. Treasury repo transaction on Canton mainnet (min $10m) where SG Global Markets acts as agent. +1 SV Weight upon completion of at least one approved production tokenized U.S. Treasury repo transaction on Canton mainnet (min $10m) where SG Global Markets acts as principal. |
4 | Adoption Bonus | Earn additional SV Weight based on the cumulative dollar volume and diversity of tokenized collateral accepted and/or sent. Earn additional SV Weight based on the dollar volume transacted in tokenized treasury repo on Canton, as principal and agent. | +15 mo | Up to + 3 | In the Adoption category, a maximum of 3 can be awarded across two types of activity. For Collateral: Maximum Adoption Bonus for a single asset is capped at +1 SV Weight. Up to a maximum of 3 assets. +1 SV Weight is earned for each distinct eligible asset (as defined in Deliverable 1) that reaches a cumulative collateral volume of $1 billion. Cumulative volume is calculated as the sum of the tokenized collateral value posted daily. Volume must be verifiable on-chain or via agreed reporting standards. Transactions must be fully recorded on the Global Synchronizer. An additional +1 SV Weight is eligible to be granted when cumulative volume across all assets used for collateral reaches $5 billion before end of 2027. For Repo:
Any combination of milestones in this category can earn SV Weight but only up to a maximum of 3. |
5 | EURCV/USDCV on Canton | SG Forge deploys USDCV and EURCV on Canton. | By Dec 31st, 2026 | +1 | Completion of at least one production transaction on Canton mainnet (min $10m) where either stablecoin (EURCV or USDCV) is used. |
4. Communications Requirements
To ensure transparency and ecosystem signaling:
CIP Approval: A public announcement is required at the time of CIP approval outlining Societe Generale’s expanded integration plans with Canton.
Deliverable 1 Completion: A press release is required upon completion of the 1st deliverable.
Volume Milestone: An additional public communication is required upon achieving $1 billion in cumulative collateral volume on Canton.
Deliverable 4 Completion: A press release is required upon completion of the 4th deliverable.
Deliverable 5 Completion: A press release is required upon completion of the 5th deliverable.
All communications related to this CIP must be reviewed by SG’s communications department before public release.
- An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be setup by the Foundation, or another SV node operator approved to provide SV rewards escrow services, with an SV Weight at the maximum earnable weight.
- The Applicant is responsible for coordinating the process of setting up the escrowed weights with the GSF and the operator of the SV node.
- The Applicant is responsible for all costs associated with the operation of the representative SV
- The representative SV will NOT mint rewards on a block by block basis
- All representative SV rewards will go to the Unclaimed Rewards pool
- Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group
- Applicant is required to present a calculation for number of Canton Coin it should earn for meeting the requirements of the milestone
- If the Tokenomics Working Group agrees the milestone has been met and agrees with the calculation, an announcement will be sent via the Tokenomics-Announce mailing List
- ⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant’s Validator
- ⅔ of the Super Validator Operators will update their configurations to allow Applicant to takeover a portion of their SV Weight on a go-forward basis
- If any milestones and associated rewards are not achieved by the deadline
- Applicant will be notified they have not met a deliverable by the Foundation
- Remaining SV Weight on the representative SV will be removed from the SV Operator configs
- The Tokenomics Working Group will make a recommendation to the SVs on what to do with the Unclaimed Rewards
This CIP is licensed under CC0-1.0: Creative Commons CC0 1.0 Universal.