SWIFT has completed a pilot program in January 2026, collaborating with Societe Generale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo to enable bond payments using both traditional currency and stablecoin. The trial demonstrated the execution of the entire bond lifecycle on a blockchain platform, including simultaneous delivery-versus-payment, coupon payments, and principal repayment at maturity. The trial represents a significant step in connecting traditional banking infrastructure with digital assets, paving the way for large-scale blockchain bonds in the European capital market.