SWIFT launches blockchain ledger with 17-bank tokenized deposit pilot
SWIFT launched its new blockchain ledger that will host a tokenized bank deposit pilot for 17 major banks seeking faster cross-border payments.
SWIFT has officially launched a new blockchain-based ledger platform, announcing a tokenized bank deposit pilot program involving 17 major financial institutions. The initiative is designed to enable faster and more efficient cross-border payment settlements, marking a significant step in the global financial messaging network's broader digital asset strategy.
The move comes as traditional financial institutions face mounting pressure to modernize payment infrastructure in response to the growing adoption of blockchain technology and digital assets. Tokenized deposits — digital representations of conventional bank deposits recorded on a distributed ledger — have emerged as a key focus for banks seeking to bridge the gap between legacy systems and emerging decentralized technologies.
The pilot represents a notable development for the financial industry, as SWIFT's extensive network connects more than 11,500 institutions across over 200 countries. A successful rollout could establish a standardized framework for tokenized asset settlement at a global scale, potentially reshaping how interbank transactions are processed and reducing settlement times from days to near-instant execution.
Market observers will be watching closely to see which institutions are participating in the pilot, what transaction volumes are processed, and whether the initiative advances toward full commercial deployment. The outcome could influence regulatory conversations around tokenized financial instruments and accelerate adoption among banks that have remained cautious about integrating blockchain infrastructure into their core operations.
Source: Cointelegraph
