StanChart, HSBC execute first live transaction on Swift blockchain ledger
The transaction connected the banks’ separate tokenized deposit systems through Swift’s ledger, marking a step toward interoperable, 24/7 cross-border payments.
Standard Chartered and HSBC have successfully executed their first live cross-border transaction on Swift's blockchain-based ledger, showcasing interoperability between their tokenized deposit systems. The transaction involved exchanging payment messages through Swift's ledger, with the resulting obligations recorded on both banks' respective tokenized deposit infrastructure.
Swift's ledger served as an orchestration layer, matching and netting the obligations before final settlement through existing payment systems. This marks a step towards 24/7 cross-border payments and interoperability between tokenized deposit systems from separate banks. The transaction comes a month after the launch of Swift's blockchain-based ledger, which 17 banks across six continents are set to pilot using tokenized deposits.
Other banks involved in the pilot group include Citi, BNP Paribas, BNY, Wells Fargo, UBS, MUFG, DBS, and ANZ. The ledger's design allows for connecting tokenized deposits issued on separate bank infrastructure, enabling seamless cross-border payments while maintaining existing settlement, compliance, and risk controls. Banks are increasingly exploring tokenized deposits for interoperability and 24/7 settlement, with HSBC planning to expand its Tokenised Deposit Service to corporate clients in the US and UAE in 2026.
Standard Chartered has also been involved in broader tokenized bank money testing efforts, including real-value settlement trials under the Bank for International Settlements' Project Agorá.
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