Global banking communications network SWIFT has tested Societe Generale’s euro-pegged stablecoin as part of a collaboration aimed at improving interoperability between conventional financial systems and blockchain-based assets.
On Thursday, Societe Generale’s digital assets subsidiary SG-Forge announced successfully completed the exchange and settlement of tokenized bonds in both fiat and digital currencies.
The collaboration included transactions on SG-Forge’s EUR CoinVertible (EURCV) stablecoin, which the bank first launched on Ethereum in 2023.
“This initiative has demonstrated that tokenized bonds can leverage existing payments infrastructure, enabling financial institutions and corporations to benefit from faster settlements and secure, compliant operational processes through the integration of ISO 20022 standards,” SG-Forge said.
“The first MiCA-compliant stablecoin for SWIFT interoperability”
The joint project demonstrated the feasibility of key applications of market operations, including issuance, delivery-to-pay, coupon payments and redemption.
As part of the collaboration, SG-Forge has released its open source standard called Compliance Architecture for Security Tokens (CAST), including its security token and the EURCV stablecoin.
Notably, SG-Forge has named its EURCV stablecoin the first onchain settlement asset that complies with Europe’s Markets in Crypto-Assets (MiCA) framework and is “natively compatible with Swift’s interoperability capabilities.”
“By proving that Swift can orchestrate cross-platform transactions on tokenized assets, we are paving the way for our customers to securely deploy digital assets at scale,” Thomas Dugauquier, SWIFT product leader for tokenized assets, said in a joint statement.
Related: Barclays makes first stablecoin investment with stake in Ubyx
“The idea is to create a bridge between existing finance and emerging technologies,” he added.
SWIFT works with 30 banks on a shared blockchain-based ledger
SWIFT had announced plans to “add a blockchain-based ledger to its infrastructure stack” in September 2025.
SG-Forge was one of at least 30 financial institutions around the world that SWIFT identified as partners for its ledger project, which focuses on 24/7 real-time cross-border payments and started with a conceptual prototype developed by Ethereum software company Consensys.
The upcoming SWIFT system is expected to apply blockchain technology to provide a “real-time secure transaction log” shared between financial institutions that will record the sequence, validate transactions and enforce rules using clever contracts.
Cointelegraph reached out to SG-Forge and SWIFT for comment on the specific blockchain networks used in the recently completed project, but had not received a response by press time.
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