Swift, BNP Paribas Securities Services, Intesa Sanpaolo and Societe Generale have completed what they describe as the first digital‑asset interoperability trial, connecting existing financial rails with emerging blockchain ecosystems.
The transaction enabled the exchange and settlement of tokenised bonds, with payments supported in both fiat and digital currencies.
The initiative focused on core post‑trade processes including delivery‑versus‑payment (DvP) settlement, interest payments and bond redemption. The trial demonstrated how these roles – paying agent, custodian and registrar – can be coordinated across blockchain platforms and traditional systems through a single orchestration layer.
Acting as a neutral infrastructure provider, Swift aims to bridge established networks with new digital‑asset environments, enabling institutions to transact securely and efficiently across multiple technologies.
How it works
The trial used the EURCV stablecoin, issued by SG‑Forge, Societe Generale’s blockchain‑focused subsidiary, to facilitate DvP settlement for tokenised bonds. Swift coordinated transactions involving both fiat and stablecoins, while supporting lifecycle events such as interest payments and redemption.
BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians for the tokenised bond transactions, which were settled over Swift’s infrastructure.
The initiative also demonstrated how ISO 20022 messaging standards can integrate with blockchain‑native platforms, enabling secure and compliant workflows for tokenised assets.
“This milestone demonstrates how collaboration and interoperability will shape the future of capital markets. By proving that Swift can orchestrate multi‑platform tokenised asset transactions, we’re paving the way for our members to adopt digital assets with confidence, and at scale. It’s about creating a bridge between traditional finance and emerging technologies,” said Thomas Dugauquier, Tokenised Assets Product Lead at Swift.
What’s next
Swift will now focus on adding a blockchain‑based ledger to its technology stack. The new ledger – developed with more than 30 banks – will initially support real‑time, 24/7 cross‑border payments.
