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HSBC and Standard Chartered complete first live Swift blockchain settlement

The pilot involves 17 banks across six continents and uses tokenized deposits to issue, transfer, and settle obligations in real time.

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HSBC Holdings and Standard Chartered said they completed the first live interbank transaction on Swift’s new blockchain-based 24/7 ledger, using tokenized deposits for cross-border settlement in real time, according to CoinDesk.

Swift said the pilot is designed to speed up payments and cut costs by using a shared ledger that matches and nets obligations before final settlement occurs through existing systems, while preserving regulatory oversight.

The trial was launched after Swift announced it in July, with 17 banks across six continents participating, CoinDesk reported, as banks look for ways to match the speed and interoperability associated with blockchain-based payments.

HSBC executive Lewis Sun, head of digital currencies at HSBC, said the transaction demonstrates how digital money issued by banks can work across institutions while maintaining the integrity of the current financial system, CoinDesk added.

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