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Swift introduces a blockchain ledger after years of stablecoin pressure

The upgrade came with a live settlement that HSBC and Standard Chartered completed in seconds instead of days, according to CoinDesk.

Reported · Written up by our desk · Market Structure

Finance has increasingly replaced the physical movement of money with trusted messages or digital records, but each leap in speed and security has also created new opportunities for fraud and cyberattacks, CoinDesk reports.

For more than 50 years, Swift has been the main cross border settlement messaging system, routing about $5 trillion daily. The bank owned organization has faced pressure to evolve as stablecoins and tokenized deposits gain attention as faster alternatives.

CoinDesk says Swift moved to respond by unveiling a blockchain ledger and then executing the first live transaction shortly afterward, with HSBC and Standard Chartered reportedly settling in seconds rather than days.

CoinDesk adds that stablecoins and tokenized securities could grow into multitrillion dollar markets by 2030, which may force traditional financial networks to compete on speed and cost. The piece compares today’s shift to earlier trading systems, including hawala networks that moved value through trust and code words instead of moving physical cash.

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