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Swift pushes a blockchain ledger as tokenized payments gain momentum

Swift says it rolled out a new blockchain ledger in July and completed its first live cross-border transaction with HSBC and Standard Chartered.

Reported · Written up by our desk · Market Structure

Swift is adding blockchain capabilities to its long-standing financial messaging business as stablecoins and tokenized deposits move toward faster, cheaper, round-the-clock cross-border payments, according to CoinDesk.

Supporters argue Swift’s existing connections to about 11,500 financial institutions could give it a trusted interoperability role between fragmented bank ledgers and blockchain networks, even as banks expect traditional and blockchain-based payment systems to coexist.

The article says Swift’s core question is whether blockchain infrastructure will eventually replace the legacy messaging layer it has relied on for decades, with some crypto executives arguing that once direct blockchain settlement networks are built, there may be less need for Swift’s messaging infrastructure.

CoinDesk reports that Swift rolled out its blockchain ledger in July and that HSBC and Standard Chartered have completed the first live cross-border transaction on that ledger, highlighting the network effect as Swift competes with emerging blockchain payment rails.

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