Global banking messaging network SWIFT has tested Société Générale’s euro-backed stablecoin in a new collaboration aimed at improving how traditional financial systems interact with blockchain-based assets.
Société Générale’s digital asset arm, SG-Forge, said Thursday that it successfully completed the exchange and settlement of tokenized bonds using both fiat money and digital currencies.
The trial used SG-Forge’s stablecoin, EUR CoinVertible (EURCV), which launched on Ethereum in 2023. According to SG-Forge, the project showed that tokenized bonds can work with existing payment infrastructure, allowing financial institutions and companies to benefit from faster settlement while maintaining secure and compliant processes through the use of ISO 20022 messaging standards.
The joint tests covered several real-world market functions, including bond issuance, delivery-versus-payment settlement, coupon payments and redemption.
As part of the project, SG-Forge provided its open-source Compliance Architecture for Security Tokens (CAST) framework, along with its security token technology and the EURCV stablecoin.
SG-Forge described EURCV as the first onchain settlement asset used within SWIFT’s environment that complies with the European Union’s Markets in Crypto-Assets (MiCA) regulation and is natively compatible with SWIFT’s interoperability tools.
“By proving that SWIFT can orchestrate tokenized asset transactions across multiple platforms, we’re paving the way for our customers to adopt digital assets with confidence and at scale,” said Thomas Dugauquier, SWIFT’s head of tokenized assets, in a joint statement.
“It’s about building a bridge between today’s financial system and emerging technologies,” he added.
In a separate announcement Thursday, SWIFT said it had also completed a broader digital asset interoperability trial involving SG-Forge, BNP Paribas Securities Services and Intesa Sanpaolo.
SWIFT has previously said it plans to add blockchain-based ledger technology to its infrastructure stack by September 2025. SG-Forge is among more than 30 financial institutions participating in the initiative, which focuses on real-time, 24/7 cross-border payments and began with an early prototype developed by Ethereum software company Consensys.
The upcoming system is expected to use blockchain technology to create a secure, shared record of transactions between financial institutions, helping to sequence and validate transfers and enforce rules through smart contracts.
Cointelegraph contacted SG-Forge and SWIFT for details on which blockchain networks were used in the project but had not received a response at the time of publication.
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