SWIFT and Societe Générale–FORGE (SG‑FORGE) carried out a successful trial in which tokenized bonds were settled using a MiCA‑compliant euro stablecoin alongside cash. The experiment, conducted in January de 2026, tested delivery‑versus‑payment (DvP) flows and demonstrated that regulated stablecoins can interoperate with legacy payment rails via SWIFT’s orchestration layer.
The pilot brought together SWIFT, SG‑FORGE, BNP Paribas Securities Services and Intesa Sanpaolo to execute issuance, DvP settlement, coupon payments and redemption on tokenized bonds.
SG‑FORGE supplied its EUR CoinVertible (EURCV) stablecoin, designed to maintain a 1:1 peg and be fully collateralized; its USD counterpart (USDCV) was also noted as part of the group’s stablecoin offering. EURCV was launched in abril de 2023 and USDCV on 25 de jun. de 2025, according to the report.
SWIFT acted as the interoperability layer, routing ISO 20022 messages across disparate systems and enabling hybrid settlement with both fiat and on‑chain assets. SG‑FORGE contributed its open‑source Compliance Architecture for Security Tokens (CAST) and a security token framework. T
he trial referenced prior SG‑FORGE activity on networks such as Canton and Ethereum, indicating a flexible approach to ledger selection rather than a single‑chain dependency.
Regulation, benefits and market implications
Regulatory alignment was a central theme. The trial relied on a MiCA‑aligned stablecoin design to lower legal and compliance barriers for institutional participants. That alignment is presented as a prerequisite for banks and custodians to accept on‑chain settlement within the existing regulatory perimeter.
Practical benefits shown included faster settlement cycles and reduced counterparty risk through near‑real‑time, 24/7 settlement possibilities. SWIFT’s messaging and orchestration allowed tokenized assets to interface with legacy systems without wholesale back‑office rewrites, lowering the operational friction that has held many pilots back.
However, the report also flagged obstacles. Integration complexity across multiple ledgers and existing banking systems remains substantial. Market adoption beyond pilots will depend on deepening liquidity for tokenized instruments and the stablecoins used to settle them, plus resolving fragmentation in technical and regulatory standards even inside the EEA.
Investors and market operators will now watch whether liquidity providers, custodians and trading venues adopt the same technical and compliance patterns shown in the trial.
For the market, the test shifts the debate from technical feasibility to scale: building market depth, common standards and operational processes will determine whether tokenized securities move from isolated pilots to routine market plumbing.
