Swift has completed a new digital asset interoperability trial together with Societe Generale’s blockchain subsidiary SG-FORGE, demonstrating how tokenised bonds can be issued, settled and serviced using both fiat money and digital currencies within existing financial market infrastructure.
The trial brings Swift closer to its goal of acting as a neutral coordination layer between traditional finance and emerging blockchain-based systems, at a time when tokenisation is accelerating across capital markets.
Key Takeaways
Swift and Societe Generale’s SG-FORGE completed a trial settling tokenised bonds using fiat currency and stablecoins.
The transaction used SG-FORGE’s MiCA-compliant EURCV stablecoin alongside existing Swift infrastructure.
Core bond lifecycle events were handled across blockchain and traditional systems in one coordinated flow.
The trial supports Swift’s broader plan to build a shared blockchain-based ledger for cross-border payments and digital assets.
Swift and Societe Generale test tokenised bond settlement
The test was carried out in collaboration with SG-FORGE, the digital asset arm of Societe Generale. Using SG-FORGE’s euro-denominated stablecoin, EURCV, the parties were able to exchange and settle tokenised bonds while supporting payments in both fiat currency and digital form.
EURCV is designed to comply with Europe’s Markets in Crypto-Assets regulation and is natively compatible with Swift’s network, allowing transactions to be coordinated across blockchain platforms and existing payment systems.
Familiar market roles, new technology
Several major European banks participated by performing standard capital markets functions. BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, showing that tokenised bonds can be managed using established institutional roles.
The trial successfully covered key bond lifecycle events, including issuance, delivery-versus-payment settlement, coupon payments and redemption, all handled as part of a single coordinated process.
Interoperability instead of replacement
Rather than positioning blockchain infrastructure as an alternative to Swift, the trial highlighted a collaborative model. Swift orchestrated the transaction using existing messaging standards such as ISO 20022, while blockchain components operated behind the scenes.
This setup allows banks to benefit from faster and more automated settlement without needing to directly interact with blockchain protocols or overhaul internal systems, reducing operational and compliance risk.
According to Thomas Dugauquier, the trial shows how interoperability can help digital assets scale within regulated markets by preserving trusted workflows while introducing new technology.
Part of a broader digital asset strategy
The SG-FORGE collaboration builds on a wider series of digital asset and digital currency pilots led by Swift. These trials span tokenised securities, mixed fiat-digital currency settlement and blockchain-based messaging with banks and public institutions.
With many of these tests now completed, Swift is preparing to add a blockchain-based shared ledger to its infrastructure. Developed with more than 30 banks worldwide, the ledger will initially focus on enabling real-time, 24/7 cross-border payments before expanding to other digital asset use cases.
Setting standards for scale
Alongside the technical work, Swift has submitted proposed market practice guidelines to the Securities Market Practice Group. The aim is to integrate digital assets into existing capital markets processes without compromising financial stability or increasing onboarding complexity.
As tokenisation spreads across bonds, equities and other real-world assets, fragmentation across blockchains remains a major challenge. Swift’s work with Societe Generale and other institutions positions the network as a connector between emerging digital ecosystems and the global financial system already in place.
