Societe Generale-FORGE, the digital asset unit of Societe Generale, and Swift have completed a pilot demonstrating the issuance and settlement of tokenized bonds using both fiat currencies and stablecoins. The test covered the full lifecycle of a bond, including issuance, delivery-versus-payment settlement, coupon payments, and redemption.
The pilot relied on SG-FORGE’s EUR CoinVertible, a MiCA-compliant euro-denominated stablecoin designed for on-chain settlement and integrated with Swift’s messaging and orchestration infrastructure. Swift coordinated settlement instructions across multiple platforms while maintaining compatibility with established financial messaging standards, including ISO 20022.
The initiative reflects broader efforts in Europe to integrate tokenized assets into regulated market infrastructure. By combining stablecoins with traditional fiat settlement, the project explored hybrid models that could reduce settlement friction while remaining aligned with existing regulatory and operational frameworks used by banks and capital markets participants.
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