HSBC and Standard Chartered completed the first live tokenized deposit transfer on SWIFT's blockchain ledger, with 17 banks piloting the network.
Macro & Markets ·
HSBC and Standard Chartered exchanged the first live tokenized deposit on SWIFT's blockchain ledger in August, six weeks after the network began operations with an initial group of 17 banks. The transaction routed payment messages between the two institutions' separate tokenized deposit systems, with SWIFT's ledger serving to match and settle obligations before final clearance through conventional payment channels. The system uses Hyperledger Besu architecture and will expand to include banks from six continents, while American lenders are simultaneously building a competing tokenized deposit network expected to go live in the first half of 2027.