SWIFT Completes Tokenized Bond Settlement with Stablecoin

Swift pilot settles tokenised bonds

SWIFT ran a pilot in January 2026 with Societe Generale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo to settle tokenised bonds. The group used both traditional fiat currency and a euro stablecoin during the test. The tokenised bonds represented conventional bonds recorded on a distributed ledger rather than in a central securities database. The project kept existing SWIFT messaging standards and banking roles while adding blockchain-based tokens for the instruments.

DvP and bond lifecycle in detail

The pilot covered delivery-versus-payment (DvP), which links securities delivery and cash payment in one coordinated step. The banks also processed coupon payments, which are periodic interest payments on bonds, through the same setup. Redemption of the bond at maturity formed the final step, when investors received the principal amount back and the tokenised bond position closed. BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, handling cash movements and safekeeping duties for the tokenised instruments.

Eur coinvertible and mica compliance

The pilot used EUR CoinVertible, written as EURCV, a euro-denominated stablecoin issued by Societe Generale-FORGE. A stablecoin is a crypto token designed to track the value of a reference asset, such as one euro for each token. SG-FORGE states that EURCV has complied with the European Union’s Markets in Crypto-Assets (MiCA) stablecoin rules since 1 July 2024. This status positions EURCV as a regulated settlement token for experiments where banks test blockchain-based bonds under European law.

“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're paving the way for our members to adopt digital asset with confidence, and at scale.”, 15 January 2026. — Thomas Dugauquier, Tokenised Assets Product Lead, Swift

Swift ledger and shared infrastructure plans

SWIFT announced a plan in September 2025 to add a blockchain-based shared ledger to its infrastructure stack. More than thirty financial institutions joined that wider project, which includes technology from Consensys. The tokenised bond pilot fits into this roadmap by using SWIFT messages to coordinate activity across different platforms. The combination links SWIFT’s existing bank network with on-chain records for bonds and settlement tokens.

“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.”, 15 January 2026. — Jean-Marc Stenger, CEO, Societe Generale-FORGE

Market context for tokenised bonds

Societe Generale-FORGE issued its first on-chain digital bond in the United States in November 2025, using a permissioned blockchain network. That transaction gave the bank operational experience with digital bonds before the SWIFT pilot. By early 2026, several European institutions had run trials with tokenised bonds and regulated stablecoins. The SWIFT and SG-FORGE experiment sits in this sequence as a test of how large banks settle such instruments without discarding existing back-office systems.