HSBC and Standard Chartered have completed the first live inter-bank tokenized deposit transaction on Swift’s blockchain-based shared ledger. This operation marks the first real-world use of Swift’s minimum viable product, declared ready on July 9, 2026, within a consortium now comprising 17 global banks. HSBC, which had already launched its tokenized deposit service in four territories, processed approximately $28 billion through this platform in the first quarter of 2026. The system enables peer-to-peer value transfers 24 hours a day, 7 days a week, while maintaining regulatory oversight of traditional bank deposits. Swift connects over 11,000 financial institutions worldwide.
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