Standard Chartered and HSBC executed the first live cross-border transaction using Swift’s blockchain-based ledger, demonstrating interoperability between their tokenized deposit systems.
The transaction involved payment messages exchanged through Swift’s ledger, with obligations recorded on HSBC’s Tokenised Deposit Service and Standard Chartered’s tokenized deposit infrastructure. Swift’s platform acted as an orchestration layer, matching and netting obligations between the banks before final settlement via existing payment systems.
Swift, the world’s largest financial messaging network, announced in July that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenized deposits. The pilot group includes Citi, BNP Paribas, BNY, Wells Fargo, UBS, MUFG, DBS and ANZ.
The ledger is designed to connect tokenized deposits issued on separate bank infrastructures, enabling 24/7 cross-border payments while retaining existing settlement, compliance and risk controls.
HSBC plans to expand its Tokenised Deposit Service to corporate clients in the U.S. and UAE in the first half of 2026, following deployments in Hong Kong, Singapore, the U.K. and Luxembourg. The bank launched the service in the U.S. in April, offering eligible corporate and institutional clients 24/7 domestic and cross-border transfers using tokenized deposits.
Standard Chartered has also participated in broader efforts to test tokenized bank money across institutions. In July, it was among 28 financial institutions and central banks involved in real-value settlement trials under the Bank for International Settlements’ Project Agorá, which settled approximately $1 million across six currencies using tokenized commercial bank deposits and central bank reserves.
Banks are developing infrastructure to connect tokenized deposits across institutions, with The Clearing House reportedly planning to launch a tokenized deposit network in the first half of 2027 to integrate traditional payment rails with digital asset infrastructure for round-the-clock settlement.
