Summary
SWIFT has moved a blockchain-based shared ledger into live operations and is preparing real-transaction pilots with 17 global banks across six continents using tokenized deposits. The shared ledger connects tokenized deposits issued by participating banks on a common foundation while continuing to use the existing SWIFT network. The project aims to enable 24/7 fund transfers including weekends and late nights, with final settlement maintained through existing financial systems. SWIFT targets completing real transactions in the second half of 2026. Participating banks include HSBC and MUFG. The project moved from minimum viable product in March to live operations in about nine months.
Key Facts
- 17 global banks across six continents participating in real-transaction pilot
- Shared ledger links tokenized deposits from different banks on common foundation
- Final settlement uses existing financial systems for stability
- Real transactions targeted for H2 2026
- SWIFT CBO Thierry Chilosi: shared ledger extends trust of existing systems into digital money
- HSBC's Manish Kohli: important milestone in cross-border payment innovation
- MUFG's Masahiro Matsumoto: exploring safe, scalable integration with existing systems
- IMF report (July 2): tokenization could change structure of financial systems
Why It Matters
SWIFT's shared ledger represents the most concrete step yet toward tokenized deposit interoperability at the global banking level. Rather than building a separate crypto-native system, SWIFT is extending its existing network to support programmable money, keeping settlement within regulated banking infrastructure. If successful, this could become the backbone for institutional tokenized payments, competing with stablecoin-based rails by offering bank-grade settlement finality with 24/7 availability.