Swift has completed a tokenized bond interoperability trial with SG-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo, demonstrating delivery versus payment settlement using both fiat currency and stablecoins. The latest trial also covered interest payments and redemption of the tokenized bonds. The initiative represents one of Swift’s final interoperability experiments as the organization shifts focus to developing a shared ledger announced in September.

SG-FORGE, the blockchain subsidiary of Societe Generale, provided the bond and EURCV stablecoin for the trial. BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians for the tokenized bond transactions. The trial demonstrated the integration of ISO 20022 messaging standards with blockchain platforms, enabling what Swift described as orchestration of tokenized asset transactions across both blockchain and traditional systems.

The original blockchain vision in both DeFi and TradFi anticipated that a small number of ledgers would dominate, creating large liquidity pools. Instead, blockchains have proliferated across both spaces, creating fragmentation. Swift is positioning itself as a neutral orchestrator to connect these fragmented ecosystems, leveraging both ISO 20022 and ISO 15022 standards and developing a shared ledger.