HSBC and Standard Chartered complete first live transaction on Swift's 24/7 blockchain ledger using stablecoins and tokenized deposits.
DeFi & Yields ·
HSBC and Standard Chartered executed the first live transaction on Swift's 24/7 blockchain ledger, settling the payment using stablecoins and tokenized deposits as the payments network moves from pilot to production testing. The transaction marks a milestone in Swift's broader effort to integrate blockchain infrastructure with its traditional messaging system, enabling round-the-clock settlement that operates beyond conventional banking hours.
Swift has positioned blockchain integration as a complement to its existing infrastructure rather than a replacement. The 24/7 ledger operates alongside Swift's core messaging standards, allowing financial institutions to experiment with direct onchain settlement using digital asset rails. This hybrid approach lets banks test tokenized cross-border payments without dismantling legacy correspondent banking relationships.
What remains to be seen is whether additional banks will move transactions to the ledger at scale and whether regulators will impose constraints on stablecoin eligibility for settlement. The two executing banks have not disclosed transaction size, frequency, or timelines for rolling out the capability to customers, leaving open questions about commercial viability and adoption velocity across the broader banking network.