HSBC and Standard Chartered Run First Live Tokenized Deposit Transfer on SWIFT’s Blockchain Ledger
HSBC and Standard Chartered executed the primary stay tokenized deposit transaction on SWIFT’s blockchain-based ledger, the 2 banks mentioned on August 19, six weeks after the community opened to an preliminary cohort of 17 banks.
Payment messages moved between HSBC’s Tokenized Deposit Service (TDS) and Standard Chartered’s personal tokenized deposit infrastructure, with the ensuing obligations recorded on each banks’ techniques.
SWIFT’s ledger labored as an orchestration layer, matching and netting the obligations between the 2 establishments earlier than last settlement ran by way of present cost rails.
“HSBC’s interoperability transaction with Standard Chartered through SWIFT is a landmark second for the promise of tokenised deposits,” mentioned Lewis Sun, Head of Digital Currencies at HSBC.
Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets at Standard Chartered, famous that “tokenized deposits are a key pillar of Standard Chartered’s digital belongings technique, which goals to construct end-to-end options.”
Ledger Runs on Hyperledger Besu
SWIFT says the ledger MVP is constructed on open-source foundations, utilizing an Ethereum Virtual Machine-compatible structure primarily based on Hyperledger Besu, and that it’s designed to combine with the broader digital asset ecosystem.
SWIFT operates the ledger itself, dealing with orchestration of transaction workflows, validation of funding commitments, and coordination of interbank processes. Consensys constructed the conceptual prototype when Swift introduced the venture in September 2025.
Seventeen banks from six continents are making ready to pilot stay transactions, amongst them ANZ, BNP Paribas, BNY, Citi, DBS, MUFG, UBS, and Wells Fargo. CryptoPotato lined that SWIFT has experimented earlier than with shifting tokenized worth throughout public and non-public blockchains.
HSBC has put financial institution cash on a ledger earlier than, joining a S$400 million digital bond issuance with SGX and Temasek that reduce main settlement from 5 days to 2.
“With our new ledger functionality, we’re extending the belief and stability of established finance into the frontiers of digital cash,” mentioned Thierry Chilosi, Chief Business Officer at Swift.
Rival Network Targets 2027
American banks are constructing a competing rail. The Clearing House is growing a tokenized deposit community called The Bridge with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, focused on the first half of 2027 and open to all US banks. Bank of America’s Mark Monaco mentioned purchasers usually are not “beating down the door” for tokenized deposits but.
SWIFT strikes the equal of world GDP each two to 3 days throughout greater than 200 markets. The cooperative says 75% of funds on its community attain beneficiary banks inside 10 minutes.
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