Société Générale, through its subsidiary SG-Forge, and the SWIFT network have just taken a major step forward in integrating blockchain with traditional finance. Together, they executed the settlement of tokenized bonds using a stablecoin backed by the euro, the EUR CoinVertible. This unprecedented experiment, compliant with the European MiCA framework, marks a key milestone towards concrete interoperability between classic banking systems and cryptos.
In brief
- •SWIFT and SG-Forge announce having completed an unprecedented settlement operation of tokenized bonds via a euro stablecoin.
- •The stablecoin used, EUR CoinVertible (EURCV), was issued on Ethereum in 2023 by SG-Forge, in compliance with the MiCA regulatory framework.
- •The experiment tested several use cases: issuance, delivery-versus-payment settlement, coupon payment, and redemption.
- •This operation is part of a global SWIFT initiative to integrate a blockchain ledger for 24/7 global payments.
A First Successful Interconnection Between Tokenized Bonds and Regulated Stablecoin
SG-Forge announced having successfully settled tokenized bonds using both fiat currencies and its EUR CoinVertible (EURCV) stablecoin, issued on Ethereum since 2023. This development occurs while tokenized shares are increasingly establishing themselves in the crypto market.
The operation, carried out with SWIFT, aimed to demonstrate technical compatibility between tokenized financial assets and existing banking infrastructures. SG-Forge specifies that this experiment "shows that tokenized bonds can leverage existing payment infrastructures", with processes "that are fast, secure, and compliant", via the integration of ISO 20022 standards.
The main facts to remember are as follows:
- •The operations tested included the issuance of tokenized bonds, delivery-versus-payment settlement, coupon payments, and redemption using the EURCV stablecoin.
- •The stablecoin used was EUR CoinVertible (EURCV), launched in 2023 by SG-Forge on Ethereum, designed to be compliant with the European MiCA regulation.
- •The technical architecture utilized the open source CAST (Compliance Architecture for Security Tokens) standard to govern the bonds and the stablecoin.
- •Regarding interoperability, SG-Forge states that EURCV is "natively compatible with SWIFT’s interoperability capabilities".
- •The standards used involved the integration of the ISO 20022 standard, which is commonly used in traditional interbank payment systems.
This demonstration marks a crucial step for institutions wishing to combine legal security, regulatory compliance, and technological innovation in managing their digital assets.
SWIFT and the Ambitions of a Tokenized Banking Ecosystem on a Global Scale
Beyond the technical success of this experiment, this collaboration between SWIFT and SG-Forge fits into a general strategy of transforming global banking infrastructures. Since September 2025, SWIFT has been working on integrating a blockchain ledger into its technology stack, aiming to enable real-time cross-border payments, 24/7. SG-Forge is among the 30 financial institutions involved in this project, whose first experiments were developed with the support of the company Consensys, on Ethereum.
In this context, Thomas Dugauquier, head of tokenized assets at SWIFT, states that this operation "proves that SWIFT can orchestrate multi-platform tokenized asset transactions", and that this "opens the way to large-scale crypto adoption with confidence".
The infrastructure under development relies on a shared ledger between institutions, with smart contracts to validate and execute transactions according to predefined rules, while ensuring their traceability.
This experiment confirms that tokenization is revolutionizing traditional investment by integrating with existing structures without disrupting them outright. By combining regulatory compliance and technological innovation, SG-Forge and SWIFT pave the way for hybrid finance, where cryptos and traditional systems no longer oppose but cooperate to redefine market standards.