The cross-border transaction is Swift’s first in a pilot project as it tests settlement in its push to remain relevant as stablecoins and tokenized deposits become widely used worldwide.
- HSBC and Standard Chartered completed the first live interbank transaction on Swift’s new blockchain-based ledger, using tokenized deposits for real-time cross-border settlement.
- The pilot, involving 17 banks across six continents, aims to cut costs and speed up payments by using a shared ledger that nets and settles obligations while preserving existing regulatory oversight.
- Bank executives say tokenized deposits and stablecoins will coexist, with Swift’s vast network positioning it to drive adoption of blockchain-based settlement even as critics warn it must modernize to stay relevant.
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The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters :
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Payments firm OpenPayd targets year-end Nasdaq listing to fund U.S. expansion and acquisitions
Crypto job postings triple to over 1,200 in September, but applications fall
BlackRock offers a glimpse of how tokenization may change your investment portfolio
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