- HSBC and Standard Chartered executed the first live tokenized deposit transaction using Swift’s blockchain-based ledger.
- The transaction aims to solve interoperability between single-bank blockchains, enabling 24/7 cross-border payments.
- The pilot follows Swift’s July launch of the minimum viable product, with 17 banks across six continents preparing to join.
- Both banks’ involvement in other tokenized deposit initiatives, including EnsembleX coordinated by the Hong Kong Monetary Authority, likely accelerated the move.
HSBC and Standard Chartered have announced the inaugural live tokenized deposit transaction using Swift’s blockchain-based ledger. This milestone addresses the current limitation where most tokenized deposits are executed on single bank blockchains, supporting only same-bank transactions.
Swift is enabling interoperability between these silos, using its blockchain to support 24/7 DLT-based cross border payments. The announcement follows Swift’s July release of the minimum viable product, with 17 banks across six continents preparing to pilot the solution.
Many banks have historically been slow to move from proofs of concept to live transactions, making the one-month gap extremely fast for these large institutions. Their participation in other tokenized deposit initiatives may have accelerated the move, including EnsembleX coordinated by the Hong Kong Monetary Authority. HSBC is also a participant in multibank tokenized deposit initiatives such as the UK’s GBTD and the US initiative from The Clearing House.
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