Swift, in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale – FORGE, has completed a digital asset interoperability trial.
The initiative demonstrated the coordinated exchange and settlement of tokenised bonds, supporting payments in both fiat and digital currencies.
The trial focused on delivery-versus-payment (DvP) settlement processes, interest payouts, and bond redemptions. Key roles in the transactions, including paying agent, custodian, and registrar, were integrated into a single, coordinated workflow across blockchain platforms and traditional financial systems. This represents one of the first instances where tokenised asset transactions were orchestrated end-to-end across multiple infrastructures.
Settlement of tokenised bonds
During the trial, Societe Generale’s blockchain subsidiary SG-Forge provided digital asset and EURCV stablecoin support for DvP settlement, while BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians. All settlement flows were executed through Swift, illustrating that tokenised bonds can leverage existing financial infrastructure. The initiative also integrated ISO 20022 messaging standards with blockchain-native platforms, enabling secure, compliant workflows for tokenised assets.
The trial underscores the capacity to bridge traditional finance and emerging technologies. It allows financial institutions to adopt digital assets without directly managing blockchain complexity, providing operational efficiency while maintaining regulatory compliance.
Fragmentation in the digital asset ecosystem
The financial industry is increasingly embracing tokenisation across bonds, equities, commodities, real estate, and other asset classes. An industry forecast from Mordor Intelligence estimates the global asset tokenisation market at about USD 2.08 trillion in 2025, driven by institutional adoption. However, the proliferation of multiple blockchains, proprietary protocols, and isolated settlement systems has created fragmentation, which can trap liquidity and reduce market efficiency.
Swift aims to mitigate this fragmentation by acting as a neutral orchestrator, connecting existing payment rails with emerging digital ecosystems. By leveraging ISO 20022 and ISO 15022 standards alongside established market practices, the organisation enables scalable, secure transactions across networks, unlocking broader access to tokenised markets.
The interoperability trial builds on a series of prior initiatives. Swift has tested bridging tokenised assets with existing payment systems with UBS Asset Management and Chainlink, settling fiat-digital currency payments with Citi, and facilitating digital asset transactions via commercial bank accounts with Northern Trust and the Reserve Bank of Australia. Additionally, Swift has enabled ISO 20022-based blockchain interoperability in collaboration with HSBC and Ant International.
