Swift Completes First Live Interbank Tokenized Deposit Transaction via HSBC and StanChart

Swift completed the design phase of its blockchain-based shared ledger and moved into MVP implementation. The ledger is designed to enable interoperability between banks' tokenized deposit platforms, facilitating 24/7 cross-border payments across more than 200 countries and territories. A global cohort of banks participated in shaping the design after Swift announced plans for the ledger in Sep 01, 2025.

The MVP is built on open-source foundations using an Ethereum Virtual Machine-compatible architecture based on Hyperledger Besu. It introduces a shared digital orchestration layer that records and validates interbank payment commitments, while banks retain full authority over keys, assets, funding and settlement. Swift will operate the ledger, providing orchestration of transaction workflows and coordination of interbank processes.

The MVP is planned to go live with real-world transactions this year.