HSBC, StanChart Execute First Live Transaction on Swift Blockchain Ledger
HSBC and Standard Chartered executed the first live transaction on Swift's blockchain ledger, connecting their tokenized deposit systems.
The update
HSBC and Standard Chartered have completed the first live cross-border transaction on a Swift blockchain ledger. The transaction connected the two banks’ separate tokenized deposit systems through Swift’s ledger, marking a step toward interoperable, 24/7 cross-border payments. Swift’s ledger acted as an orchestration layer, matching and netting obligations between the banks before final settlement through existing payment systems.
Why it matters
This move demonstrates that legacy financial messaging networks can integrate tokenized deposits, a technology often associated with crypto. It addresses the push for 24/7 settlement and interoperability, a key requirement for banks to compete with stablecoins and other digital assets in cross-border transfers.
What to watch
Readers should watch whether other banks in the pilot group join immediately and how quickly the system scales. The specific currency and amount of the transaction have not been disclosed.
Sources
- cointelegraph.com — Transaction details and orchestration layer explanation
- coindesk.com — Context on Swift's relevance and pilot project
