The Society for Worldwide Interbank Financial Telecommunication (Swift) officially announced on July 9 that its "blockchain-based shared ledger," which took nine months from concept to actual development, is ready for initial deployment; 17 top multinational banks from six continents will participate in the first real transaction pilot, utilizing "Tokenised Deposits" to enable seamless cross-border payments 24/7.
17 Pilot Banks: Top Institutions from Six Continents Participate in Real Transaction Pilot
According to Swift's official announcement, the 17 participating institutions in this blockchain ledger pilot come from six continents worldwide, forming a prestigious lineup; four institutions issued public statements about the pilot as follows:
Citibank: The technology will significantly enhance seamless, real-time cross-border payment capabilities to meet the needs of multinational corporations.
HSBC: Actively expanding tokenised deposits across multiple markets, aiming to deliver a true 24/7 uninterrupted experience for clients.
UBS: Emphasizes that interoperability between networks is the absolute key to scaling tokenised deposits globally.
Standard Chartered: Providing reliable infrastructure to enable instant, round-the-clock, transparent movement of funds.
Swift Blockchain Ledger Technology Design: Shared Ledger as a Coordination Layer
According to Swift's announcement, the technical architecture of this pilot uses the Swift shared ledger as a secure coordination layer, allowing participating banks to issue tokenised deposits directly on their own ledgers before final settlement in traditional systems, enabling immediate fund movement for clients.
The core breakthrough of this architecture is breaking the settlement limitations of traditional cross-border payments that cannot be settled instantly during weekends and nights, while ensuring compliance, credit, and risk control standards are maintained. The direct impact on global enterprises and institutions is a significant increase in liquidity efficiency, with cross-border fund transfers possible 24 hours a day, even during traditional market closures.
Frequently Asked Questions
What are tokenised deposits, and how do they differ from stablecoins?
According to Swift, tokenised deposits are digital representations of deposits issued on a bank’s own ledger, backed by the same credit guarantees and compliance standards as traditional bank deposits. The main difference from stablecoins is that they are issued by regulated banks and have full deposit protection structures. Swift's pilot selected tokenised deposits to combine blockchain’s speed and flexibility with the safety and compliance of traditional finance.
What future applications does the Swift blockchain ledger have?
According to Swift, cross-border payments are the first practical use case; future plans include supporting "programmable money" and "agentic commerce"—Web3 native applications—and integrating with Swift’s existing retail payment framework to achieve the G20’s macro goal of improving cross-border payment efficiency. Specific development timelines will follow official Swift announcements.
Which 17 banks participated in this pilot, and which regions are they mainly from?
According to Swift, the pilot involves 17 top multinational banks from six continents, including Citibank, HSBC, BNY Mellon, Standard Chartered, UBS, Wells Fargo, and DBS. The full list of institutions will be announced officially by Swift.
