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In January 2026, SWIFT successfully completed a pilot project to settle tokenised bonds in collaboration with Société Générale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo. The pilot demonstrated settlement using both traditional fiat currency and a euro-denominated stablecoin, while preserving existing banking roles and SWIFT messaging standards.

The tokenised instruments represented conventional bonds recorded on a distributed ledger rather than in a central securities depository. By integrating blockchain-based tokens into its established infrastructure, SWIFT showed how tokenisation can be introduced without disrupting current market structures.

Delivery-versus-Payment and Bond Lifecycle Processing

The pilot covered the full delivery-versus-payment (DvP) process, ensuring that the transfer of securities and the corresponding cash payment occurred in a single, coordinated step. In addition to primary settlement, the participating banks processed coupon payments through the same framework and completed bond redemption at maturity, at which point investors received the principal and the tokenised bond positions were closed.

BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, managing cash flows and safekeeping responsibilities for the tokenised instruments throughout the bond lifecycle.

Use of EUR CoinVertible and MiCA Compliance

Settlement during the pilot included the use of EUR CoinVertible (EURCV), a euro-denominated stablecoin issued by Société Générale-FORGE. Stablecoins are digital tokens designed to maintain a stable value by referencing an underlying asset, in this case the euro.

According to Société Générale-FORGE, EURCV has been compliant with the European Union’s Markets in Crypto-Assets (MiCA) stablecoin framework since 1 July 2024. This regulatory status positions EURCV as a suitable settlement asset for blockchain-based capital markets experiments conducted under European law.

Thomas Dugauquier, Tokenised Assets Product Lead at SWIFT, commented on 15 January 2026:

“This milestone demonstrates how collaboration and interoperability will shape the future of capital markets. By proving that SWIFT can orchestrate multi-platform tokenised asset transactions, we are paving the way for our members to adopt digital assets with confidence and at scale.”

Alignment with SWIFT’s Shared Ledger Strategy

The tokenised bond pilot aligns with SWIFT’s broader roadmap announced in September 2025, which includes plans to introduce a blockchain-based shared ledger as part of its infrastructure. That initiative involves more than thirty financial institutions and incorporates technology from Consensys.

In this context, the pilot showcased how SWIFT messages can coordinate activity across multiple platforms, linking the existing global banking network with on-chain records for securities and settlement tokens.

Jean-Marc Stenger, CEO of Société Générale-FORGE, stated on 15 January 2026:

“The partnership promotes the adoption of efficient, rapid, and secure payment solutions for financial institutions and corporations leveraging distributed ledger technology, with EUR CoinVertible serving as a benchmark stablecoin.”

Market Context

Société Générale-FORGE issued its first on-chain digital bond in the United States in November 2025 using a permissioned blockchain, providing early operational experience with digital bond issuance. By early 2026, multiple European institutions had conducted trials involving tokenised bonds and regulated stablecoins.

The SWIFT pilot builds on these developments, demonstrating how large financial institutions can settle tokenised instruments while retaining existing back-office systems and operational frameworks.
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