SWIFT has successfully tested a euro-denominated stablecoin for tokenized bond settlements, marking another step toward integrating blockchain technology into traditional financial infrastructure. The trial was conducted in collaboration with Societe Generale’s digital asset subsidiary, SG-Forge, and focused on improving interoperability between legacy payment systems and onchain assets.
The initiative highlights how stablecoins, tokenized securities, and existing financial messaging standards can operate together in a compliant and scalable way.
Bridging traditional finance and blockchain settlements
According to SG-Forge, the project successfully completed the exchange and settlement of tokenized bonds using both fiat currencies and blockchain-based assets. The transactions relied on SG-Forge’s euro-pegged stablecoin, EUR CoinVertible (EURCV), which was originally launched on Ethereum in 2023.
The trial demonstrated that tokenized bonds can be settled using existing payment infrastructures while benefiting from faster settlement times and improved operational efficiency. By integrating ISO 20022 messaging standards, the collaboration showed that financial institutions and corporates can adopt blockchain-based settlement without overhauling their current systems.
EUR CoinVertible positioned as MiCA-compliant stablecoin
SG-Forge described EUR CoinVertible as the first onchain settlement asset compliant with Europe’s Markets in Crypto-Assets framework that is natively compatible with SWIFT’s interoperability capabilities. This positions the euro stablecoin as a potential building block for regulated digital finance across the European Union.
The joint tests covered key market use cases, including tokenized bond issuance, delivery-versus-payment settlement, coupon payments, and redemption. SG-Forge also contributed its open-source Compliance Architecture for Security Tokens standard, known as CAST, alongside the EURCV stablecoin and its security token framework.
SWIFT expands its role in tokenized asset infrastructure
SWIFT emphasized that the project proves its ability to orchestrate tokenized asset transactions across multiple platforms. Thomas Dugauquier, SWIFT’s tokenized assets product lead, said the collaboration lays the groundwork for institutional adoption of digital assets at scale, while maintaining trust, security, and compliance.
The move aligns with SWIFT’s broader strategy to integrate blockchain technology into its infrastructure. The organization previously announced plans to add a blockchain-based ledger to its systems, aimed at supporting real-time, 24/7 cross-border payments.
A shared blockchain ledger with global banks
SG-Forge is among more than 30 financial institutions working with SWIFT on its shared blockchain ledger initiative. The project began with a conceptual prototype developed in collaboration with Consensys and is designed to create a secure, real-time transaction log shared across participating banks.
The upcoming system is expected to use blockchain technology to validate transactions, record sequencing, and enforce rules through smart contracts. This approach could significantly improve transparency and efficiency in global financial markets.
While SWIFT and SG-Forge have not disclosed which specific blockchain networks were used in the latest trial, the results underline growing momentum behind tokenized bonds, euro stablecoins, and compliant onchain settlement solutions within traditional finance.
