Societe Generale's digital asset subsidiary, SG-FORGE, in collaboration with global financial messaging network Swift, has completed a landmark pilot for settling tokenized bonds using a hybrid model of fiat currency and stablecoins. The test, conducted in early 2025, successfully demonstrated end-to-end settlement flows including issuance, delivery-versus-payment (DvP), coupon payments, and redemption.
The pilot centered on the use of SG-FORGE's EUR CoinVertible (EURCV), a euro-denominated stablecoin fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation. Swift's infrastructure provided the orchestration and messaging layer, enabling seamless interoperability between traditional financial systems and blockchain networks using ISO 20022 standards. Jean-Marc Stenger, CEO of SG-FORGE, stated, "We support fast, secure payment solutions for institutions using distributed ledger technology and EUR CoinVertible."
The initiative also highlighted the recent introduction of USD CoinVertible (USDCV), launched in September through a partnership with BaFin-regulated Bullish Europe GmbH. This expands settlement options to include both euro and dollar-denominated stablecoins, aiming to bridge traditional finance with tokenized assets.
Thomas Dugauquier, Swift's tokenised assets lead, emphasized the trial's significance: "This trial shows how interoperability can help institutions adopt digital assets at scale." The pilot aligns with broader European efforts, including the European Central Bank's exploration of wholesale central bank digital currencies (CBDCs) and new payment technologies. The hybrid model validates a path where fiat and regulated stablecoins can operate side-by-side, potentially reducing settlement times from days to minutes while maintaining regulatory compliance and security.
