SWIFT, SocGen-FORGE Settle Tokenised Bonds Using MiCA-Compliant EUR Stablecoin

Published: 2026-01-19 08:56:16 |

SWIFT in January 2026 completed a pilot with Societe Generale-FORGE (SG-FORGE), BNP Paribas Securities Services and Intesa Sanpaolo to settle tokenised bonds using fiat and a MiCA-compliant euro stablecoin, EUR CoinVertible (EURCV). The trial validated delivery-versus-payment (DvP), coupon payments and redemption for bonds represented as tokens on a distributed ledger while retaining existing SWIFT messaging standards and traditional banking roles (paying agents, custodians). SG-FORGE supplied EURCV, which it says has been MiCA-compliant since July 1, 2024. BNP Paribas and Intesa acted as paying agents and custodians. The pilot demonstrated cross-platform coordination: SWIFT orchestrated transactions between traditional payment rails and blockchain platforms and tested lifecycle events for tokenised securities. This exercise supports SWIFT’s roadmap to add a blockchain-based shared ledger to its infrastructure and to link traditional bank networks with on-chain records for settlement tokens and tokenised assets. The pilot builds on prior SG-FORGE on-chain bond issuances and broader European experiments with regulated stablecoins and tokenised debt, positioning EURCV as a potential regulated settlement token for banks testing blockchain-based debt under EU law. For crypto traders: this is an institutional validation of regulated stablecoins and tokenised securities workflows, which could increase demand for on‑chain settlement infrastructure and regulated euro stablecoins while keeping interoperability with existing banking systems.

Bullish

The pilot is bullish for the mentioned stablecoin and for regulated stablecoin markets because it represents institutional adoption and technical validation of using a MiCA-compliant euro stablecoin (EURCV) for core bond lifecycle events — DvP, coupon payments and redemption — while preserving existing banking roles and SWIFT messaging. Short-term impact: modest positive sentiment for EURCV and regulated-euro-stablecoin demand as banks and custodians test integration; limited immediate price volatility expected because EURCV is a regulated settlement token rather than a speculative crypto asset. Long-term impact: stronger — successful integration into SWIFT orchestration and repeated institutional pilots increase the likelihood of on‑chain settlement adoption, raising utility and demand for regulated stablecoins and for infrastructure tokens that enable tokenised securities. This could lead to broader institutional flows into on-chain euro liquidity and positive structural demand for EURCV and similar regulated settlement tokens. Risks: regulatory, operational or interoperability setbacks could temper enthusiasm; impact on non-euro crypto tokens is neutral. Overall, the news strengthens market confidence in regulated stablecoins for settlement, which is a bullish signal for EURCV and institutional stablecoin adoption.