Swift and Societe Generale-FORGE Complete Tokenized Bond Pilot Using MiCA-Compliant Euro Stablecoin
Swift positions its ISO 20022 network as the coordination layer connecting tokenized assets to existing bank systems.
Overview
- The pilot settled tokenized bonds end-to-end, covering issuance, delivery-versus-payment, coupon payments, and redemption in a single coordinated flow.
- SG-FORGE’s eUR CoinVertible served as the central settlement asset with support for fiat payments, aligning with MiCA requirements.
- Swift orchestrated transactions across blockchain and traditional rails using ISO 20022 messaging to minimize changes to banks’ back-office systems.
- BNP Paribas Securities Services and Intesa Sanpaolo participated as paying agents and custodians, mirroring roles used for conventional bonds.
- Swift outlined next steps with proposed market practice guidelines to the Securities Market Practice Group and plans for a shared blockchain ledger with more than 30 banks to enable 24/7 cross-border payments.