tokenizedassets

In January 2026, SWIFT successfully completed a pilot project to settle tokenised bonds in collaboration with Société Générale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo. The pilot demonstrated settlement using both traditional fiat currency and a euro-denominated stablecoin, while preserving existing banking roles and SWIFT messaging standards.

The tokenised instruments represented conventional bonds recorded on a distributed ledger rather than in a central securities depository. By integrating blockchain-based tokens into its established infrastructure, SWIFT showed how tokenisation can be introduced without disrupting current market structures.

Delivery-versus-Payment and Bond Lifecycle Processing

The pilot covered the full delivery-versus-payment (DvP) process, ensuring that the transfer of securities and the corresponding cash payment occurred in a single, coordinated step. In addition to primary settlement, the participating banks processed coupon payments through the same framework and completed bond redemption at maturity, at which point investors received the principal and the tokenised bond positions were closed.

BNP Paribas Securities Services and Intesa Sanpaolo acted as paying agents and custodians, managing cash flows and safekeeping responsibilities for the tokenised instruments throughout the bond lifecycle.

Use of EUR CoinVertible and MiCA Compliance

Settlement during the pilot included the use of EUR CoinVertible (EURCV), a euro-denominated stablecoin issued by Société Générale-FORGE. Stablecoins are digital tokens designed to maintain a stable value by referencing an underlying asset, in this case the euro.

According to Société Générale-FORGE, EURCV has been compliant with the European Union’s Markets in Crypto-Assets (MiCA) stablecoin framework since 1 July 2024. This regulatory status positions EURCV as a suitable settlement asset for blockchain-based capital markets experiments conducted under European law.

Thomas Dugauquier, Tokenised Assets Product Lead at SWIFT, commented on 15 January 2026:

“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 are paving the way for our members to adopt digital assets with confidence and at scale.”

Alignment with SWIFT’s Shared Ledger Strategy

The tokenised bond pilot aligns with SWIFT’s broader roadmap announced in September 2025, which includes plans to introduce a blockchain-based shared ledger as part of its infrastructure. That initiative involves more than thirty financial institutions and incorporates technology from Consensys.

In this context, the pilot showcased how SWIFT messages can coordinate activity across multiple platforms, linking the existing global banking network with on-chain records for securities and settlement tokens.

Jean-Marc Stenger, CEO of Société Générale-FORGE, stated on 15 January 2026:

“The partnership promotes the adoption of efficient, rapid, and secure payment solutions for financial institutions and corporations leveraging distributed ledger technology, with EUR CoinVertible serving as a benchmark stablecoin.”

Market Context

Société Générale-FORGE issued its first on-chain digital bond in the United States in November 2025 using a permissioned blockchain, providing early operational experience with digital bond issuance. By early 2026, multiple European institutions had conducted trials involving tokenised bonds and regulated stablecoins.

The SWIFT pilot builds on these developments, demonstrating how large financial institutions can settle tokenised instruments while retaining existing back-office systems and operational frameworks.
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On the surface, DUSK may not trade like a traditional infrastructure token yet. Price movements are still largely shaped by exchange flows and short-term rotations, with liquidity heavily concentrated on platforms like Binance. This often leads to situations where strong buy interest exists, but net outflows still occur—momentum comes and goes faster than fundamentals can price in.
But when you zoom out, the story changes completely.
DUSK is purpose-built for real-world assets. It’s not just another blockchain; it’s designed to handle tokenized securities, private settlements, and regulated financial instruments—all on-chain, but without exposing sensitive information. Privacy and compliance are baked in at the protocol level, with zero-knowledge proofs and selective disclosure as foundational features rather than afterthoughts.
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The token itself reflects this long-term vision. $DUSK is used for:
Staking
Paying fees
Securing confidential execution
With emissions stretched over decades, DUSK is aligned with slow, deliberate adoption rather than quick speculation. This explains why technical signals may look noisy or disconnected—it’s a market trading DUSK like a speculative asset, while the network quietly positions itself as core financial infrastructure.
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Il Dusk Network (@Dusk , $DUSK ) impiega un meccanismo di consenso unico, progettato specificamente per supportare la privacy, la scalabilità e la decentralizzazione per applicazioni finanziarie confidenziali. A differenza delle blockchain tradizionali, che danno priorità alla trasparenza, Dusk integra la crittografia a conoscenza zero e contratti intelligenti privati al centro del suo protocollo, garantendo sicurezza mentre protegge i dati sensibili.
Il Proof-of-Stake incontra la crittografia avanzata
Alla base della blockchain di Dusk c'è un modello di consenso basato su Proof-of-Stake (PoS) potenziato con tecniche crittografiche avanzate. I validatori garantiscono la sicurezza della rete impegnando token DUSK, piuttosto che utilizzare un mining ad alta intensità energetica, allineando i loro incentivi con la salute della rete.

Nel paesaggio in evoluzione della blockchain, la tensione tra trasparenza, privacy e regolamentazione è stata una sfida persistente—specialmente per le istituzioni finanziarie e i mercati regolamentati. @Dusk ($DUSK ) affronta questo problema direttamente fornendo un ambiente blockchain in cui queste priorità coesistono senza soluzione di continuità.
Progettato per Istituzioni Finanziarie
A differenza di molte blockchain pubbliche, Dusk è costruita pensando a ambienti regolamentati. La rete consente transazioni riservate che rimangono completamente verificabili attraverso prove crittografiche. Questo significa che istituzioni finanziarie, imprese e altri partecipanti regolamentati possono operare on-chain senza esporre dati sensibili, una sfida che ha limitato l'adozione delle blockchain pubbliche tradizionali.