Swift publishes new blockchain ledger to bring 24/7 banking to 17 global giants
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A roster of 17 banks are preparing to begin testing live transactions on Swift’s blockchain-based ledger, a step toward round-the-clock cross-border payments using tokenized deposits.
Key facts
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B
Swift said 75% of payments on its network now reach beneficiary banks within 10 minutes, and often in seconds
The banks taking part include UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo
A roster of 17 banks are preparing to begin testing live transactions on Swift’s blockchain-based ledger, a step toward round-the-clock cross-border payments using tokenized deposits
Summary
Swift is planning live tests of a blockchain-based shared ledger with 17 major banks to enable round-the-clock cross-border payments using tokenized deposits. The new system is designed to let banks move customer funds overnight and on weekends, with final settlement still occurring through existing payment rails. Swift says the ledger will support regulated digital money and tokenized assets across multiple blockchains, extending traditional banking controls to faster, always-on payments. Swift said the ledger is ready for initial use by banks across six continents in an announcement on Thursday.