HSBC, Standard Chartered Execute First Live Transaction on Swift Blockchain
The pilot connected separate bank systems and settled obligations in real time, as Swift said 17 lenders across six continents joined the trial.
- On Tuesday, HSBC Holdings and Standard Chartered completed the first live cross-border transaction using Swift's blockchain-based ledger to settle tokenized deposit obligations in real time.
- Swift's ledger functions as an orchestration layer connecting separate tokenized deposit systems to enable 24/7 payments while maintaining existing settlement and compliance controls, addressing liquidity constraints of traditional channels.
- Naveen Mallela, digital assets lead at Standard Chartered, called the platform "a natural evolution," while Lewis Sun, head of digital currencies at HSBC, stated it solves real-world challenges including global cash visibility.
- The pilot includes 17 lenders across six continents including Citi, BNP Paribas, and Wells Fargo; Debo Sen, head of digital assets at Citi, said, "If anyone has an ability to create network effects across tokenized deposits, it's someone like Swift."
- Five years from now, tokenized deposits will comprise the bulk of wholesale institutional settlement by value, with The Clearing House planning to launch additional infrastructure in the first half of 2027.
20 Articles
20 Articles
Swift Tokenised Deposits Go Live, Settlement Stays Off-Chain
HSBC and Standard Chartered have completed the first live interbank transaction on Swift’s blockchain-based ledger, moving the network from bank preparation into a real cross-border tokenised deposit transaction. The ledger matched and netted payment obligations between the two banks, but final settlement still took place through existing banking systems rather than on Swift’s blockchain. That distinction defines what has gone live. Swift did no…
Tokenized Deposits Go Live Between HSBC, Standard Chartered
Tokenized deposits moved between two banks live for the first time on August 19, 2026, when HSBC and Standard Chartered completed a cross-border transaction on Swift's blockchain-based ledger. Swift's ledger matched and netted the obligations before settlement ran through each bank's existing systems.
On Wednesday the HSBC and Standard Chartered banks formalized a big first on Swift's new blockchain launched in July. What about it? The HSBC article and Standard Chartered perform "the first real cross-border transaction" on Swift's blockchain appeared first on Cryptoast.
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