SWIFT Tests MiCA-Compliant Stablecoin With Société Générale
SWIFT, a global financial messaging service for banks, has undertaken a test of a MiCA-compliant stablecoin created by Société Générale. The pilot indicates positive momentum to connect traditional financial infrastructure to onchain assets which brings tokenized markets closer to adoption.
In partnership with SG-Forge, Société Générale’s digital asset subsidiary, this experiment tested real-world use cases such as the settlement, issuance and redemption of tokenized bonds, using both fiat money and blockchain-native currencies.
Compliance in Action: SWIFT and MiCA Stablecoin Interoperability
SG-Forge claimed that the experiment successfully showcased the exchange and settlement of tokenized bonds using EUR CoinVertible (EURCV), which is the lender’s euro-pegged stablecoin that was launched on Ethereum in 2023. The project proved that tokenized financial instruments can settle over blockchain networks, while still leveraging existing payment systems. The use of ISO 20022 messaging standards facilitated a speedier settlement without compromising regulatory compliance or operational safety.
SG-Forge stated that this enables banks and corporates to use digital assets without giving up on the tried and trusted infrastructure they have.
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Why EURCV Matters for MiCA-Compliant Stablecoins
Discover why EURCV matters(bytes) because it is the first-mover for MiCA-compliant stablecoins in Europe’s regulated market.
According to SG-Forge, EURCV has been declared the first MiCA-compliant coin for onchain settlement from its native SWIFT interoperability.
Essential Market Functions Covered by the Pilot
Essential market functions were covered by the pilot.
- Bond issuance with tokens.
- Settlement in one term.
- Coupon cash flows.
- Bond buyback.
SG-Forge contributed to the project its Compliance Architecture for Security Tokens (CAST) standard, which is open source. In addition, it also brought the EURCV stablecoin itself.
SWIFT’s Role in Scaling Tokenized Assets
According to Thomas Dugauquier, the lead for tokenized assets at SWIFT, the experiment demonstrates that SWIFT has the ability to coordinate tokenized transactions on several platforms. This, he said, will give institutions the confidence to scale up the adoption of digital assets.
SWIFT’s Broader Blockchain and Tokenization Strategy
SWIFT expounds its wider goal for blockchain and tokenized research.
The test is part of SWIFT’s wider strategy to integrate blockchain into its global infrastructure. In September 2025, SWIFT announced plans to roll out a joint blockchain ledger that would enable cross-border payments in real-time, around-the-clock.
One of over 30 international banks in this initiative, SG-Forge will help to create a secure common transaction ledger backed by smart contracts. The early prototype was built with help from Consensys, an Ethereum software company.
When the platform goes live, financial institutions will have a synchronized view of transactions with a resistance to tampering linking Centralised Finance to DeFi.
The Future of Finance and Why It Matters
The successful testing of a MiCA-compliant stablecoin in the SWIFT ecosystem marks a significant change: blockchain has shifted from operating in the periphery of finance to the very core. It is being carefully woven into the central plumbing of global banking.
There are still questions on what blockchains were used in the test but the message is clear that tokenized assets and regulated stablecoins are moving to production-grade.
As banks, regulators and infrastructure providers get on the same page, it could become a model of how legacy finance makes its way onchain, safely and at scale.
