digitalbonds

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.
$SOL $USDC $WLFI
#TokenizedAssets #DigitalBonds #BlockchainInFinance #Stablecoins #CapitalMarketsInnovation

It's easy to talk about "tokenizing real-world assets" in the abstract. But what does it actually look like? Let's ground Dusk_foundation's technology in concrete examples that are already taking shape, showing how $DUSK is moving from a promising protocol to a functional ecosystem.

1. Digital Bonds & Green Finance: A city wants to issue a municipal bond to fund a new solar farm. On Dusk, they can issue a digital bond as a Security Ownership Token. Investors globally can purchase slices directly into their Dusk Vaults. Interest payments are automated via smart contracts, and the bond can be traded on secondary markets with private settlement, all while providing regulators a clear audit trail.

2. Private Equity & Venture Capital: Shares of a pre-IPO tech company are highly illiquid. Tokenizing them on Dusk allows for controlled, compliant trading among accredited investors. Ownership records are immutably stored, and transfer restrictions (like lock-up periods) can be programmed directly into the token, enforcing compliance automatically.

3. Fractionalized Real Estate: A commercial skyscraper can be tokenized into thousands of fractions. This allows retail investors to own a piece of prime real estate. Rental income is distributed automatically to token holders, and the assets can be traded on a global, 24/7 market without massive brokerage fees.

These aren't futuristic dreams. They are the direct targets of Dusk's architecture. Each use case leverages its core strengths: privacy for competitive deals, automated compliance for complex regulations, and instant settlement for global liquidity. This is the practical future being built today.

#Dusk #RWA #UseCase #Tokenization #DigitalBonds $DUSK @Dusk

من السهل الحديث عن "تجزئة الأصول الواقعية" بشكل مجرد. ولكن كيف يبدو ذلك فعليًا؟ دعونا نضع تقنية Dusk_foundation في أمثلة ملموسة تأخذ شكلًا واقعيًا بالفعل، ونُظهر كيف ينتقل $DUSK من بروتوكول واعد إلى نظام وظيفي.
1. السندات الرقمية والتمويل الأخضر: ترغب مدينة في إصدار سند بلدي لتمويل مزرعة شمسية جديدة. على منصة Dusk، يمكنها إصدار سند رقمي كرمز ملكية أصل. يمكن للمستثمرين حول العالم شراء حصص مباشرة في صناديق Dusk الخاصة بهم. تُسدد الفوائد تلقائيًا عبر العقود الذكية، ويمكن تداول السند في الأسواق الثانوية بتسوية خاصة، مع توفير مسار مراقبة واضح للمراقبين التنظيميين.
2. رأس المال المغامر والشركات الناشئة: أسهم شركة تقنية قبل طرحها في البورصة تكون غير سائلة للغاية. يُتيح تجزئتها على Dusk إجراء تداول مراقب وموافق على قواعد محددة بين المستثمرين المؤهلين. تُخزن سجلات الملكية بشكل لا يمكن تغييره، ويمكن برمجة قيود النقل (مثل فترات الحجز) مباشرة داخل الرمز، مما يفرض الامتثال تلقائيًا.
3. العقارات المجزأة: يمكن تجزئة مبنى تجاري عالي إلى آلاف الحصص. يُتيح ذلك للمستثمرين الصغار امتلاك جزء من عقار ممتاز. يتم توزيع دخل الإيجار تلقائيًا على حاملي الرموز، ويمكن تداول الأصول في سوق عالمي يعمل 24/7 دون رسوم وساطة كبيرة.
هذه ليست أحلامًا مستقبلية. بل هي الأهداف المباشرة لبنية Dusk. يستفيد كل استخدام من نقاط قوتها الأساسية: الخصوصية للصفقات التنافسية، والامتثال الآلي للأنظمة المعقدة، والتسوية الفورية للسيولة العالمية. هذا هو المستقبل العملي الذي يتم بناؤه اليوم.
#Dusk #RWA #UseCase
#Tokenization #DigitalBonds
$DUSK @Dusk_Foundation