SWIFT completes first live blockchain payment with HSBC and Standard Chartered

blockchain settlement tokenized deposits cross-border payments distributed ledger technology interoperability

SWIFT has transitioned its blockchain pilot from a testing phase to live settlement. HSBC and Standard Chartered have successfully completed the first live cross-border payments using SWIFT infrastructure to settle tokenized deposits in real-time.

In this transaction, tokenized deposits held on a permissioned ledger between the two banks were transferred via the SWIFT platform to initiate messaging and perform settlement. SWIFT functioned as an interoperability layer, connecting banking systems without requiring all participants to share a single global ledger.

Unlike public stablecoins, these tokenized deposits represent bank money that is 1:1 backed by bank reserves. This model allows financial institutions to utilize 24/7 programmable settlement while remaining within regulated banking frameworks, serving as a potential alternative to stablecoins and central bank digital currencies (CBDCs).

Entities

HSBC · Standard Chartered

Sources

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