HSBC and Standard Chartered have completed the first interbank transaction using tokenized deposits on SWIFT’s blockchain infrastructure, according to Finextra.
The DLT solution in this operation functioned as an orchestration layer: before final settlement through existing systems, the platform matched the parties’ obligations and netted counterclaims.
The obligations in tokenized form were then recorded by the HSBC Tokenised Deposit Service and Standard Chartered’s digital infrastructure.
This transaction marked the first live interbank transaction on SWIFT’s ledger. Lewis Sun, Head of Digital Currencies at HSBC, stated that the operation demonstrated the compatibility of bank digital currencies across different organizations while maintaining existing oversight and control.
According to him, for corporate clients, this model could simplify liquidity movement between banks, enhance cash balance transparency, and reduce the complexity of cross-border operations.
On July 9, 2026, SWIFT announced the readiness of its blockchain ledger for initial use. At that time, the company also stated that 17 banks across six continents were preparing for pilot operations with tokenized deposits for 24/7 payments and more efficient liquidity management.
The company began experimenting in 2022 with the compatibility of traditional systems with CBDCs and cryptocurrencies.
In September 2025, SWIFT announced the integration of blockchain into its technology stack and the development of a conceptual prototype in collaboration with ConsenSys.
Earlier, in June, it was reported that JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major U.S. banks plan to launch a network of tokenized deposits in the first half of 2027.
