Core Insights - The pilot conducted by Societe Generale-FORGE and Swift successfully demonstrated the exchange and settlement of tokenized bonds using both fiat and digital currencies, showcasing end-to-end settlement flows [1][6] Group 1: Digital Asset Development - SG-FORGE's EUR CoinVertible, a MiCA-compliant stablecoin, was central to the trial, designed for on-chain settlement and compatible with Swift's interoperability [2] - The partnership with Bullish Europe GmbH aims to launch the USD CoinVertible (USDCV), positioning SG-FORGE at the forefront of regulated stablecoin adoption [3] Group 2: Collaboration and Framework - The collaboration builds on extensive work with major financial institutions and public bodies to create a secure and interoperable framework for digital assets [4] - Swift's orchestration role was critical in coordinating messages and settlements across platforms while ensuring compliance with financial messaging standards [4] Group 3: Hybrid Settlement Models - The project explores hybrid settlement models by incorporating fiat currencies alongside stablecoins, appealing to banks and corporate firms [5] - Settlement flows were completed using Swift infrastructure and ISO 20022 standards, reinforcing the feasibility of tokenized assets within existing regulatory frameworks [6] Group 4: Future of Capital Markets - The trial highlights a practical path toward faster settlement cycles, reduced operational risk, and enhanced transparency for capital market participants [7] - The collaboration supports the adoption of efficient, fast, and secure payment solutions for financial institutions using distributed ledger technology and EUR CoinVertible as a reference stablecoin [8]

Core Insights - Cryptocurrency adoption in Brazil is primarily driven by younger, cautious investors rather than speculative traders, with a significant focus on stablecoins and tokenized bonds for wealth protection [1][2] Group 1: Investor Demographics and Trends - The fastest-growing investor cohort in Brazil this year is individuals under 24, with participation in this age group increasing by 56% from the previous year [2] - Middle-income users are allocating up to 12% of their portfolios to stablecoins while maintaining 86% in less volatile assets, indicating a preference for lower-risk investments [5] - Lower-income investors are placing over 90% of their funds in traditional cryptocurrencies like Bitcoin, likely in pursuit of higher returns despite the associated risks [6] Group 2: Product Offerings and Performance - Mercado Bitcoin's Renda Fixa Digital (RFD) products, which are tokenized slices of real-world income-generating assets, saw their volume more than double in 2025, distributing 1.8 billion reals (approximately $325 million) to users [3] - On average, RFD products delivered 132% of Brazil's "risk-free" benchmark rate, the Certificado de Depósito Interbancário (CDI) [3] Group 3: Market Activity and Regulation - Overall crypto transaction volume on Mercado Bitcoin increased by 43% year-over-year, with Mondays becoming the busiest day for new investors and trading activity, indicating a shift towards integrating cryptocurrency into regular financial routines [4] - Recent cryptocurrency regulations introduced by Brazil's central bank require crypto service providers to obtain licenses and establish specific capital requirements, which may further influence market dynamics [6]