INSTITUTIONAL | SWIFT Launches Blockchain Ledger, Begins Tokenized Deposit Pilot with 17 Global Banks

Global financial messaging network SWIFT has launched a blockchain-based shared ledger and is preparing to begin live pilots with 17 major banks marking one of the banking industry’s biggest moves toward tokenized cross-border payments.

The pilot will allow participating institutions, including

• HSBC,
• Citi,
• BNP Paribas,
• UBS,
• Standard Chartered,
• DBS,
• ANZ,
• BNY,
• Wells Fargo

and others, to move tokenized bank deposits across borders 24 hours a day, including nights and weekends, while continuing to settle transactions through existing banking infrastructure.

Mr. Andreas Kubli, Managing Director, Group Head of Digital Assets at UBS, said:

“We see interoperability as the key enabler for scaling tokenised deposits beyond individual institutions. Swift’s ledger is an important industry initiative that can help connect digital money networks, supporting real-time settlement, greater liquidity mobility and the broader adoption of tokenised payments and digital assets across the global financial ecosystem.”

SWIFT said the blockchain ledger acts as a secure coordination layer linking banks’ tokenized deposit systems without replacing existing payment rails or compliance controls. The platform was developed in nine months and is designed to support regulated digital assets, programmable money, and future financial applications.

The initiative reflects growing competition between traditional financial institutions and stablecoin-based payment networks which have gained traction by offering always-on, near-instant settlement. By enabling tokenized deposits on its global network, SWIFT aims to give banks similar round-the-clock payment capabilities while preserving regulatory, credit, and operational safeguards.

SWIFT connects more than 11,500 financial institutions across over 200 countries and territories and said the controlled rollout is expected to expand following the initial pilot phase.

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