KEY FACTS: On January 15, 2026, SWIFT and Societe Generale-Forge (SG-Forge) announced the successful completion of a pilot that demonstrated the end-to-end issuance, delivery-versus-payment settlement, coupon payments, and redemption of tokenized bonds using both traditional fiat currencies and SG-Forge’s MiCA-compliant euro-pegged stablecoin, EUR CoinVertible (EURCV). The trial showcased how tokenized securities can seamlessly integrate with existing financial infrastructures, including SWIFT’s global network and ISO 20022 messaging standards, without requiring institutions to replace legacy systems, while leveraging SG-Forge’s open-source Compliance Architecture for Security Tokens (CAST) framework.

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SWIFT, Societe Generale-Forge

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SWIFT and Societe Generale-Forge Pilot Successful Settlement of Tokenized Bonds Using Euro Stablecoin

The global bank messaging network SWIFT has successfully collaborated with Societe Generale-Forge (SG-Forge), the digital asset subsidiary of French banking giant Societe Generale, to test and complete the exchange and settlement of tokenized bonds using both fiat currencies and a regulated euro-pegged stablecoin. Announced on January 15, 2026, the pilot project marks a milestone in demonstrating how existing financial infrastructures can seamlessly integrate with distributed ledger technology (DLT), enabling faster, more secure, and compliant operations for institutional players.

The trial was executed using SG-Forge’s EUR CoinVertible (EURCV), a euro-pegged stablecoin originally launched on the Ethereum blockchain in 2023. SG-Forge describes EURCV as the first on-chain settlement asset that is fully compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework and natively compatible with SWIFT’s interoperability capabilities.

This compliance is crucial, as MiCA, the EU’s comprehensive regulation for crypto-assets, sets strict standards for stability, transparency, and consumer protection, making regulated stablecoins like EURCV more appealing to traditional financial institutions wary of regulatory risks.

During the pilot, the collaboration successfully demonstrated end-to-end market operations for tokenized bonds, including iIssuance of the tokenized securities, delivery-versus-payment (DvP) settlement, coupon payments, and redemption. These processes were executed using both conventional fiat currencies and EURCV, proving that tokenized assets can leverage longstanding payment systems without requiring institutions to overhaul their existing infrastructure.

SG-Forge emphasized the practical benefits of the initiative. According to them, tokenized bonds can leverage existing payment infrastructures, enabling financial institutions and corporates to benefit from faster settlements and secure, compliant operational processes through the integration of ISO 20022 standards. ISO 20022 is the modern global standard for financial messaging, already widely adopted by SWIFT, which facilitates richer data exchange and smoother interoperability.

To facilitate the project, SG-Forge contributed its open-source Compliance Architecture for Security Tokens (CAST) framework. This standard includes tools for handling security tokens and the EURCV stablecoin, ensuring regulatory adherence while enabling interaction with legacy systems. SWIFT, in turn, served as a neutral orchestration layer, connecting multiple blockchain networks with traditional payment rails. This approach preserved banks’ existing connectivity to the SWIFT network, minimizing the need for costly new infrastructure investments.

Thomas Dugauquier, SWIFT’s Tokenized Assets Product Lead, highlighted that by proving that Swift can orchestrate multi-platform tokenized asset transactions, SWIFT is paving the way for our customers to adopt digital. The pilot is in line with SWIFT’s strategic push into blockchain. In September 2025, the organization announced plans to incorporate a blockchain-based ledger into its infrastructure stack, partnering with at least 30 financial institutions worldwide (including SG-Forge) and leveraging a conceptual prototype developed by Ethereum software firm Consensys. The envisioned system would deliver a secure, real-time, 24/7 shared log of transactions, using smart contracts to validate and enforce rules across borders.

This isn not SG-Forge’s first foray into tokenized finance. The subsidiary has a track record of pioneering efforts, including one of Europe’s earliest tokenized bond issuances back in 2019. The launch of EURCV in 2023, followed by a USD-denominated variant (USDCV) in 2025, positions Societe Generale as a leader in regulated stablecoins backed 1:1 by fiat reserves (held with custodians such as BNY Mellon).

The successful pilot signals accelerating institutional adoption of tokenized assets in Europe and beyond. By combining MiCA-compliant stablecoins, open standards like CAST, and SWIFT’s global reach, the project reduces friction between TradFi and DeFi while maintaining the security and compliance that banks demand. Moreover, this collaboration between SWIFT and SG-Forge represents a conceptual one that proves that the future of finance may well be a hybrid of legacy systems and blockchain innovation, with compliant stablecoins serving as the essential bridge.

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Information Sources:

• Ledger Insights
• Yahoo Finance
• Cointelegraph

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