HSBC and Standard Chartered complete first Swift blockchain ledger transaction

HSBC and Standard Chartered have successfully completed the first live cross-border interbank transaction using tokenised deposits on Swift’s blockchain-based ledger. This milestone demonstrates the ability of regulated bank-issued digital money to interoperate across different institutional infrastructures while maintaining regulatory oversight.

The transaction utilized Swift’s ledger as an orchestration layer to match and net obligations between HSBC’s Tokenised Deposit Service and Standard Chartered’s internal infrastructure. Once obligations were matched, final settlement was completed through existing payment channels.

This development follows Swift’s July announcement regarding the readiness of its blockchain-based ledger, which is currently being piloted by 17 banks across six continents. The technology aims to support a 24/7 global economy by enabling continuous cross-border payments and improved liquidity management, moving beyond proof-of-concept toward production-ready interbank settlement.