Banking giants HSBC and Standard Chartered executed the first live interbank transaction within Swift’s new 24/7 blockchain ledger. Through this pilot environment, both institutions issued, transferred, and settled cross-border tokenized deposit obligations in real time, marking an operational milestone for the global financial messaging network.
This move comes in response to growing competition from stablecoins and the urgent need to modernize correspondent banking. By acting as a secure, interoperable orchestration layer powered by distributed ledger technology, the Swift system enables the reconciliation of payment commitments outside traditional banking hours, optimizing institutional liquidity under strict regulatory compliance.
The transaction confirms the technical viability of tokenized deposits for moving international value seamlessly around the clock. The next key step will focus on scaling operational rollout across the 17 global banks participating in the pilot program, laying the groundwork for the wholesale deployment of programmable money.
Source: https://lix.li/f5dN
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