SWIFT successfully completed a pilot project with Societe Generale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo to settle tokenized bonds. The trial used both fiat currency and a MiCA-compliant stablecoin developed by SG-FORGE, called EUR Coin, to demonstrate delivery-versus-payment, coupon payments, and redemption processes. This represents a significant step toward integrating stablecoins in traditional financial market infrastructures.