HSBC and Standard Chartered completed the first real-world cross-border interbank transaction on Swift’s blockchain ledger using tokenized deposits representing commercial bank money as digital tokens. The amount, currencies and payment corridor were not disclosed. This operation demonstrated that a shared ledger can orchestrate multiple banking platforms without replacing existing infrastructure, as final settlement was still carried out through traditional systems. Seventeen banks across six continents, including Citi, UBS, BNP Paribas, MUFG and DBS, have committed to testing this infrastructure, which could ultimately enable round-the-clock cross-border payments.
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