[REVISION HISTORY]

Tokenised cross-border payment pilot developments

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What changed

2026-09-09 02:55 UTC → 2026-09-09 17:15 UTC · added ~~removed~~

Financial institutions and international organizations are conducting pilots to test tokenised cross-border payments and interbank interoperability. In July 2026, the Bank for International Settlements (BIS) and the Institute of International Finance conducted Project Agorá, involving 28 banks and real-value payments totaling approximately CHF 800,000. Building on these efforts, HSBC and Standard Chartered executed the first live cross-border tokenised deposit transaction using Swift’s blockchain-based ledger. In August 2026, Swift transitioned its blockchain pilot from testing to live settlement, with digital asset provider Taurus integrating its custody and tokenisation platforms to manage programmable wallets and tokenised money. In September 2026, Citi became the first U.S. bank to conduct live native ledger transactions on Swift’s blockchain, collaborating with First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC) to demonstrate 24/7 cross-currency settlements. On September 5, 2026, DBS Bank and Citigroup completed the first weekend cross-border US dollar payment between Singapore and the United States using tokenised deposits. Processed via Swift’s Digital Ledger, the transaction settled in minutes, bypassing traditional two-business-day timelines and weekend closures. Unlike stablecoins, these deposits represent regulated commercial bank deposits held on bank balance sheets, using the Swift ledger as an orchestration layer. Expanding on these capabilities, Citigroup announced plans to launch a cross-border remittance service for Japanese companies by the end of ~~2026.~~ 2026 via “Citi Token Services.” This service aims to enable ~~instantaneous~~ near-instantaneous foreign currency transfers during nights and holidays across Citigroup locations in the United States, United Kingdom, Singapore, Hong Kong, and Ireland. Furthermore, major U.S. banks, including Citigroup and JPMorgan Chase, are reportedly planning a joint network for transferring tokenised deposits, managed by The Clearing House, with a target launch in early 2027.

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