Societe Generale’s digital asset subsidiary SG-FORGE has completed a landmark pilot with Swift, demonstrating the settlement of tokenized bonds using both fiat and digital currencies. The trial marks a step toward integrating blockchain-based securities into existing institutional payment rails.
The test focused on real-world settlement workflows rather than proof-of-concept mechanics. It showed that tokenized bonds can move through familiar market processes while remaining compatible with established financial infrastructure.
Stablecoin and Fiat Settlement Side by Side
At the center of the pilot was EUR CoinVertible (EURCV), SG-FORGE’s euro-denominated stablecoin. The test paired EURCV, described as the first natively MiCA-compliant stablecoin compatible with Swift, with traditional fiat currency, allowing both forms of money to be used within the same settlement framework.
Swift’s role was positioned as a neutral orchestrator. Using ISO 20022 messaging standards, Swift connected blockchain platforms with existing payment systems, enabling coordination across technologies without requiring market participants to abandon current operational setups.
Full Lifecycle of a Tokenized Bond
The trial went beyond simple transfer tests. It demonstrated the feasibility of core bond market operations, including issuance, delivery-versus-payment settlement, coupon payments, and redemption. Each step was executed end to end, showing how tokenized securities could be managed throughout their lifecycle using a mix of blockchain and traditional financial rails.
Major financial institutions participated in operational roles. BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, grounding the pilot in real institutional processes rather than isolated experimentation.
Part of a Broader Push to Bridge Digital and Traditional Finance
The initiative aligns with Swift’s broader effort to address fragmentation in digital asset markets, often described as the problem of “digital islands.” By positioning itself as an interoperability layer, Swift is aiming to link tokenized assets with the traditional financial system instead of forcing parallel infrastructures.
The trial follows Swift’s September 2025 announcement of plans to develop a shared digital ledger to support real-time, 24/7 cross-border payments. For SG-FORGE, the collaboration builds on momentum from its first U.S. tokenized bond issuance on the Canton Network in late 2025, reinforcing its focus on institutional-grade digital securities.
Together, the results point to a model where tokenized bonds can be issued and settled within existing financial frameworks, reducing friction between emerging ledger technologies and established capital markets.