Key facts
- Standard Chartered and HSBC completed the first live cross-border transaction on Swift's blockchain-based ledger.
- The transaction demonstrated interoperability between the banks' tokenized deposit systems.
- Swift's ledger acted as an orchestration layer, matching and netting obligations before settlement.
- HSBC plans to expand its Tokenised Deposit Service to corporate clients in the US and UAE in early 2026.
- The Clearing House plans to launch a tokenized deposit network in the first half of 2027.
Standard Chartered and HSBC have successfully executed the first live cross-border transaction utilizing Swift's blockchain-based ledger, a significant development in the pursuit of interoperable, 24/7 cross-border payments. This transaction connected the banks' distinct tokenized deposit systems, with Swift's ledger serving as an orchestration layer to match and net obligations before final settlement through existing payment channels.
The successful transaction follows Swift's July announcement of its ledger's readiness for initial use, with 17 banks globally preparing to pilot live transactions. Other participating institutions include Citi, BNP Paribas, BNY, Wells Fargo, UBS, MUFG, DBS, and ANZ. The ledger is designed to link tokenized deposits issued on separate bank infrastructures, aiming to facilitate round-the-clock international payments while maintaining current settlement, compliance, and risk controls.
This development aligns with a broader industry trend where banks are increasingly testing tokenized deposits across institutions and jurisdictions to achieve greater interoperability and enable 24/7 settlement. HSBC, for instance, plans to expand its Tokenised Deposit Service to corporate clients in the US and UAE in the first half of 2026, building on its existing deployments in Hong Kong, Singapore, the UK, and Luxembourg. Standard Chartered has also been active in testing tokenized bank money, participating in trials under the Bank for International Settlements’ Project Agorá.
Further infrastructure development is underway, with The Clearing House, a major US payments operator, reportedly planning to launch its own tokenized deposit network in the first half of 2027. This network aims to bridge traditional payment rails with digital asset infrastructure for continuous settlement.