HSBC and Standard Chartered executed the first live tokenized deposit transfer on Swift's distributed ledger infrastructure.
RWA & Tokenization ·
HSBC and Standard Chartered settled their first live cross-border transaction via Swift's blockchain-based ledger, with payment messages flowing between their respective tokenized deposit systems and obligations recorded across both banks' infrastructure. Swift's ledger functioned as a matching and netting layer before final settlement through existing payment channels, marking progress on interoperable 24/7 settlement capabilities. The transaction occurred a month after Swift announced its blockchain ledger was operationally ready, with 17 banks across six continents enlisted in live transaction pilots that also include Citi, BNP Paribas, BNY Mellon, Wells Fargo, UBS, MUFG, DBS, and ANZ.