Crypto: SWIFT and SG-Forge test the EURCV stablecoin to settle tokenized bonds

Société Générale, via its subsidiary SG-Forge, and the SWIFT network have just reached a major milestone in the integration of blockchain into traditional finance. Together, they completed the settlement of tokenized bonds using a euro-backed stablecoin, EUR CoinVertible. This unprecedented experiment, in accordance with the European MiCA framework, marks a key step towards concrete interoperability between traditional banking systems and cryptos.

A first successful interconnection between tokenized bonds and regulated stablecoin

SG-Forge announced that it has successfully settled tokenized bonds, using both fiat currencies and its stablecoin EUR CoinVertible (EURCV), issued on Ethereum since 2023, as tokenized stocks increasingly take hold in the crypto market.

The operation, carried out with SWIFT, aimed to demonstrate the technical compatibility between tokenized financial assets and existing banking infrastructures. SG-Forge precise that this experiment “shows that tokenized bonds can leverage existing payment infrastructures”with processes “fast, secure and compliant”via the integration of ISO 20022 standards.

The main facts to remember are:

• Operations tested: issuance of tokenized bonds, settlement “delivery-versus-payment”payment of coupons and redemption using the stablecoin EURCV;

• The stablecoin used: EUR CoinVertible (EURCV), launched in 2023 by SG-Forge on Ethereum, designed to comply with the European MiCA regulation;

• Technical architecture: use of the open source standard CAST (Compliance Architecture for Security Tokens) to govern bonds and the stablecoin;

• Interoperability: SG-Forge claims that EURCV is “natively compatible with SWIFT interoperability capabilities”;

• The standards used: integration of the ISO 20022 standard, used in traditional interbank payment systems.

This demonstration marks an essential step for institutions wishing to combine legal security, regulatory compliance and technological innovations in the management of their cryptos.

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 is part of a general strategy for the transformation of global banking infrastructures.

Since September 2025, SWIFT has been working on integrating a blockchain ledger into its technology stack, with the aim of enabling cross-border payments in real time, 24/7. SG-Forge is one of 30 financial institutions involved in this project, the first experiments of which were developed with the support of the company Consensys, on Ethereum.

With this in mind, Thomas Dugauquier, head of tokenized assets at SWIFT, asserts that this operation “proves that SWIFT can orchestrate cross-platform tokenized asset transactions”and that this “paves the way for large-scale adoption of cryptos with complete confidence”.

The infrastructure currently being developed is based on a ledger shared between institutions, with smart contracts to validate and execute transactions according to predefined rules, while ensuring their traceability.

This experiment confirms that tokenization revolutionizes traditional investment by integrating into existing structures without disrupting them head-on. By combining regulatory compliance and technological innovation, SG-Forge and SWIFT are charting the path to hybrid finance, where cryptos and traditional systems no longer oppose each other, but cooperate to redefine market standards.