SWIFT Tests Societe Generale’s MiCA-Compliant euro Stablecoin for Tokenized Bond Settlement

The test marks a significant step toward integrating blockchain technology with traditional financial infrastructure.

Societe Generale’s digital asset subsidiary, SG-FORGe announced on January 15, 2026, that it had completed the exchange and settlement of tokenized bonds using both fiat currency and its eUR CoinVertible (eURCV) stablecoin. The company describes eURCV as the first digital asset that meets europe’s MiCA regulatory standards while maintaining native compatibility with SWIFT’s systems.

SWIFT handles the majority of international bank-to-bank transfers worldwide, processing approximately 50 million messages daily across over 11,000 financial institutions in more than 200 countries. The ability to integrate a regulated stablecoin directly into this network could transform how financial institutions handle cross-border payments and securities settlement.

Testing the Full Bond Lifecycle

The pilot program covered every stage of a bond’s lifecycle using blockchain technology. This included initial issuance, delivery-versus-payment settlement, coupon payments to bondholders, and final redemption when the bond matures.

SWIFT served as the coordination layer between blockchain platforms and existing payment infrastructure. Rather than forcing banks to choose between traditional systems and blockchain, the setup allows both to operate together seamlessly.

The system used ISO 20022 messaging standards, which banks worldwide already use for financial communications. This compatibility means institutions can adopt tokenized assets without completely rebuilding their back-office systems.

Two major european banks participated as service providers in the pilot. BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, performing the same roles they handle for traditional bonds. Their involvement demonstrates that established financial institutions can manage tokenized securities using familiar operational frameworks.

Source: Societe Generale Linkedin

Thomas Dugauquier, who leads SWIFT’s tokenized assets product development, emphasized the collaborative approach: “It’s about creating a bridge between existing finance and emerging technologies. By proving that Swift can orchestrate multi-platform tokenized asset transactions, we’re paving the way for our customers to adopt digital assets with confidence, and at scale.”

What Makes eURCV Different

eUR CoinVertible stands out among stablecoins for its regulatory compliance and institutional backing. Launched in April 2023 on ethereum, the stablecoin initially served only Societe Generale’s institutional clients under strict access controls.

On July 1, 2024, SG-FORGe restructured eURCV to comply with MiCA, europe’s comprehensive crypto-asset regulations. This made it one of the first stablecoins to meet the new european standards on the day they took effect.

MiCA requires stablecoin issuers to obtain proper licenses, maintain 100% reserves of liquid assets, and publish regular audits. The regulations aim to prevent the kind of collapses that shook the crypto market when algorithmic stablecoins like TerraUSD failed in 2022.

SG-FORGe holds an electronic Money Institution license from ACPR, France’s banking supervisor. This authorization allows the company to issue e-money tokens that can move freely across the european Union without geographic restrictions.

The stablecoin maintains a 1:1 peg with the euro, backed by reserves held in Societe Generale accounts. The bank publishes the collateral composition and current valuation daily on its website. These reserves sit in segregated accounts separate from SG-FORGe’s operating funds, protecting holders even if the issuer faces financial difficulties.

Smart contract audits by blockchain security firm HACKeN provide additional assurance. The company audited both the ethereum and Solana versions of eURCV’s smart contracts in 2024 and 2025.

Current market data shows eURCV has approximately 65.76 million tokens in circulation with a market capitalization around $76.6 million. While modest compared to dollar stablecoins, this positions eURCV as a significant player in the emerging euro stablecoin market.

Multi-Chain Strategy expands Reach

SG-FORGe isn’t limiting eURCV to a single blockchain. The company has deployed or announced plans to deploy the stablecoin across multiple networks, each offering different advantages.

ethereum remains the primary platform where eURCV launched. As the largest smart contract blockchain, ethereum hosts the majority of decentralized finance applications and institutional blockchain projects.

In September 2024, SG-FORGe announced plans to bring eURCV to Solana, a blockchain known for processing thousands of transactions per second at very low costs. This makes Solana attractive for high-frequency trading and payment applications.

The company revealed in November 2024 that it would deploy eURCV on the XRP Ledger, which focuses on fast and efficient cross-border payments. In February 2025, SG-FORGe selected the Stellar network as another deployment target, citing its architecture designed specifically for moving money across borders.

This multi-chain approach lets different users access eURCV on the networks that best fit their needs. A european company making frequent small payments might prefer Solana’s low fees, while an institution handling large cross-border transfers might choose Stellar.

Beyond basic transfers, eURCV has integrated into decentralized finance applications. Morpho, a lending protocol, began accepting wrapped Bitcoin as collateral for eURCV loans in October 2025. Deutsche Börse, europe’s largest exchange operator, added eURCV to its digital asset infrastructure in November 2025 for settlement and collateral management.

SWIFT’s Digital Asset Infrastructure Plans

The eURCV pilot fits into SWIFT’s broader strategy to incorporate blockchain technology without replacing its existing network. In September 2025, SWIFT announced it would add a blockchain-based shared ledger to its infrastructure, partnering with over 30 global banks.

The initiative began with a prototype developed by Consensys, an ethereum software company, using the Linea network. The system aims to enable real-time, 24/7 cross-border payments by combining messaging and settlement into a single process.

Traditional correspondent banking requires multiple intermediaries and can take days to settle international transfers. SWIFT’s blockchain integration seeks to maintain the security and compliance features banks require while dramatically reducing settlement times.

The broader project includes work with major financial institutions beyond Societe Generale. Participants include UBS Asset Management, Chainlink, Citi, HSBC, Ant International, Northern Trust, and the Reserve Bank of Australia. each collaboration tests different use cases for integrating digital assets with traditional banking operations.

Jean-Marc Stenger, CeO of SG-FORGe, explained their role: “The collaboration supports the adoption of efficient, fast, and secure payment solutions for financial institutions and corporates using distributed ledger technology and eUR CoinVertible as a reference stablecoin.”

The euro Stablecoin Gap

Despite europe’s economic size, euro-denominated stablecoins represent a tiny fraction of the overall stablecoin market. The total stablecoin market exceeds $307 billion, but euro stablecoins account for less than 1% of this amount.

Circle’s eURC currently leads euro stablecoins with approximately €178 million in circulation. eURCV ranks second with its $76.6 million market cap. For comparison, Tether’s USDT alone exceeds $158 billion.

This imbalance doesn’t reflect the real-world importance of different currencies. In traditional foreign exchange markets, non-dollar currencies account for over 40% of the $7.5 trillion in daily trading volume. Yet blockchain transactions remain overwhelmingly dollar-denominated.

The gap creates real problems for businesses. A european company that wants to use stablecoins for international payments must typically convert to dollars, exposing them to exchange rate risk and paying conversion fees twice. Similarly, an Asian company transacting with a european partner faces the same dollar intermediation.

Several european banking groups are now developing euro stablecoin offerings. In July 2025, Deutsche Bank-backed eURAU became Germany’s first regulated euro stablecoin. In September 2025, a consortium of nine major european banks including ING, UniCredit, and Danske Bank announced plans to launch their own joint euro stablecoin by late 2026.

These institutional entrants could significantly expand the euro stablecoin market over the next few years, offering european businesses alternatives to dollar-denominated options.

A Practical Path Forward

The successful SWIFT-eURCV pilot proves that blockchain technology and traditional financial infrastructure can work together effectively. Banks don’t need to abandon their existing systems to benefit from tokenized assets. Instead, SWIFT’s orchestration approach allows institutions to access blockchain’s advantages while maintaining their current operations and compliance frameworks.

For the financial industry, this hybrid model offers faster settlement times, reduced operational risk, and improved transparency without the disruption of a complete system overhaul. As more banks test and adopt these integrated approaches, tokenized assets may become standard practice rather than experimental technology.