Swift has initiated live trials of its new blockchain-based shared ledger with a consortium of 17 major global banks. Designed as a layer atop existing payments infrastructure, the ledger enables tokenized deposits to move between participating institutions 24 hours a day, seven days a week, while final settlement continues through traditional rails. This initiative follows Swift’s October 2025 announcement of the ledger platform, which aims to bridge the gap between traditional finance and digital assets by offering regulated institutions the tools to transfer digital representations of commercial bank money with near-instant finality.
The pilot involves banks from six continents, including UBS, Citi, HSBC, BNP Paribas, BNY Mellon and Wells Fargo. Each institution will issue tokenized deposits on private ledgers that interoperate through Swift’s shared layer, allowing funds to be transferred overnight and on weekends without compromising regulatory and compliance controls. Swift estimates that 75% of payments on its network already settle within 10 minutes, and the ledger is intended to extend that performance into off-hours by leveraging distributed ledger technology.
Thierry Chilosi, Swift’s Chief Business Officer, stated that the platform “extends the trust and stability of established finance into the frontiers of digital money.” The ledger supports multiple blockchain protocols and token standards, enabling participants to settle tokenized deposit transfers on chains of their choice. Regulatory approval and compliance are built into the architecture, with KYC and AML checks enforced at the token issuance and transfer layers.
Industry observers note that the rise of stablecoin use in cross-border payments has demonstrated the appetite for real-time settlement outside banking hours. However, banks have remained cautious about custody, volatility and counterparty risk. Swift’s ledger addresses these concerns by ensuring that tokenized funds are fully backed by central bank reserves or insured deposits, and that transfers adhere to existing payment messaging standards.
Looking ahead, Swift plans to expand the pilot to include additional banks and central clearing counterparties, with the goal of moving from proof-of-concept to production by late 2026. The ultimate vision is a hybrid ecosystem where tokenized assets and fiat currency rails coexist seamlessly, offering corporates and consumers faster, more transparent and more cost-effective cross-border payment options.
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