SWIFT completed a pilot program in January 2026, in collaboration with Societe Generale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo to facilitate the payment of tokenized bonds using both traditional fiat currency and stablecoins. The experiment demonstrated the ability to execute the entire bond lifecycle on a blockchain platform, including delivery-versus-payment (DvP) transactions, periodic coupon payments, and principal repayment at maturity.
The tokenized bonds represent traditional bonds but are recorded on a distributed ledger, while still maintaining the SWIFT messaging standard and the role of existing banks. The stablecoin used is EUR CoinVertible (EURCV) issued by SG-FORGE, a euro-pegged stablecoin compliant with the EU’s MiCA regulations.
This experiment marks a significant step forward in connecting traditional banking infrastructure with digital assets, paving the way for large-scale adoption of blockchain bonds in the European capital markets.
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