Societe Generale-FORGE and Swift have completed a pilot demonstrating the exchange and settlement of tokenized bonds using both fiat and digital currencies. This isn't just another tech demo; it’s a sign that the plumbing of traditional finance is finally getting a blockchain-compatible upgrade, proving that tokenized bonds can settle without the usual circus of delays and reconciliation nightmares.
The trial successfully showed end-to-end settlement flows for tokenized bonds, including issuance, delivery-versus-payment (DvP), coupon payments, and redemption. Central to the test was SG-FORGE’s EUR CoinVertible, a MiCA-compliant stablecoin designed for on-chain settlement and natively compatible with Swift’s interoperability capabilities. Think of EURCV as the stablecoin that plays nice with the old guard, ensuring that when bonds move, the cash moves with them instantly—no IOUs or waiting games involved.
In September, Societe Generale-FORGE partnered with Bullish Europe GmbH, a BaFin-regulated provider of digital asset trading and custody services, to launch USD CoinVertible (USDCV). By offering both EURCV and USDCV, SG-FORGE and Bullish Europe position themselves at the forefront of regulated stablecoin adoption, bridging traditional financial infrastructure and blockchain-based markets. It’s like having a multi-chain wallet that actually respects banking hours, blending the speed of crypto with the compliance of a Frankfurt regulator.
This collaboration builds on years of joint work between SG-FORGE, Swift, major financial institutions, and public bodies to establish a secure and interoperable framework for digital assets. Swift’s role as an orchestration layer was critical, coordinating messages and settlement across multiple platforms while maintaining compliance with established financial messaging standards. Essentially, Swift acted as the conductor of a very chaotic orchestra, ensuring that the tokenized bonds and stablecoins hit all the right notes without skipping a beat.
The project also builds on experimental work by the European Central Bank around interbank central bank digital currency. By adding fiat currencies alongside stablecoins as settlement assets, the trial explored hybrid settlement models that could appeal to banks and corporate firms. This hybrid approach is the financial equivalent of a Swiss Army knife—versatile enough to handle both the digital native and the legacy fiat user without breaking a sweat.
The settlement flows were completed using Swift infrastructure and ISO 20022 standards, reinforcing the feasibility of adopting tokenized assets within existing regulatory and operational frameworks. By proving that tokenized bonds can settle efficiently over Swift, the project highlights a practical path toward faster settlement cycles, reduced operational risk, and enhanced transparency for capital markets participants. It’s a win for efficiency, proving that you don’t need to reinvent the wheel—just give it a blockchain upgrade.
Thomas Dugauquier, Tokenised Assets Product Lead at Swift, said the trial demonstrates how interoperability will shape the future of capital markets, enabling customers to adopt digital assets with confidence and at scale. SG-FORGE CEO Jean-Marc Stenger added that the collaboration supports the adoption of efficient, fast, and secure payment solutions for financial institutions and corporates using distributed ledger technology and EUR CoinVertible as a reference stablecoin. These aren’t just buzzwords; they’re a blueprint for how the old financial world can finally sync with the new one.
Tested with participating banks, the pilot forms part of Swift’s broader digital asset program. In September last year, Swift said it was working with more than 30 global banks, including Societe Generale and SG-FORGE, on a shared digital ledger focused on allowing real-time, 24/7 cross-border payments. This pilot isn’t a one-off stunt; it’s a step toward a future where cross-border payments are as seamless as sending a meme on Twitter—fast, cheap, and without the regulatory headaches
