The digital asset subsidiary of French banking giant Societe Generale-FORGE and Swift have completed a pilot demonstrating the exchange and settlement of tokenized bonds using both fiat and digital currencies.
Societe Generale-FORGE said the pilot successfully demonstrated end-to-end settlement flows for tokenized bonds, including issuance, delivery-versus-payment (DvP), coupon payments and redemption.
Central to the trial was SG-FORGE’s EUR CoinVertible, the MiCA-compliant stablecoin designed for on-chain settlement and natively compatible with Swift’s interoperability capabilities.
In September, Societe Generale-FORGE partnered with Bullish Europe GmbH, a BaFin-regulated provider of digital asset trading and custody services, to launch the USD CoinVertible (USDCV).
By offering both EURCV and USDCV, SG-FORGE and Bullish Europe said it is positioning itself at the forefront of regulated stablecoin adoption bridging the gap between traditional financial infrastructure and blockchain-based markets.
Bridging Blockchain and Traditional Finance
This latest 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 proved critical, coordinating messages and settlement across multiple platforms while maintaining compliance with established financial messaging standards.
European Digital Finance Initiatives
The project also builds on experimental work by the European Central Bank around interbank central bank digital currency. The firm said by adding fiat currencies alongside stablecoins as settlement assets, the trial explored hybrid settlement models that could appeal to banks and corporate firms.
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.
A Blueprint for Scalable Digital Asset Adoption
By proving that tokenized bonds can settle efficiently over Swift, the project also highlights a practical path toward faster settlement cycles, reduced operational risk, and enhanced transparency for capital markets participants.
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.
Tested with participating banks the pilot forms part of Swift’s broader digital asset programme. 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.
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