HSBC and Standard Chartered completed the first live tokenized deposit transaction on SWIFT’s blockchain-based ledger on August 19, six weeks after the network opened to an initial cohort of 17 banks. Payment messages moved between HSBC’s Tokenized Deposit Service and Standard Chartered’s own tokenized deposit infrastructure, with SWIFT’s ledger working as an orchestration layer to match and net obligations before final settlement through existing payment rails. The ledger is built on Hyperledger Besu’s Ethereum Virtual Machine-compatible architecture, with Consensys building the conceptual prototype. Seventeen banks from six continents, including ANZ, BNP Paribas, BNY, Citi, DBS, MUFG, UBS and Wells Fargo, are preparing to pilot live transactions. A competing network called The Bridge, developed by The Clearing House with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, targets the first half of 2027.
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