HSBC and Standard Chartered have successfully conducted their inaugural interbank transaction utilizing tokenized deposits on the SWIFT blockchain infrastructure, according to a report by Finextra.
The distributed ledger technology (DLT) solution acted as an orchestration layer for this transaction, matching the obligations of the involved parties and settling reciprocal claims before the final settlement through existing systems.
Afterward, the obligations were recorded in tokenized form by HSBC's Tokenised Deposit Service and the digital infrastructure of Standard Chartered.
This transaction marks the first live operation between banks on the SWIFT ledger. Lewis San, head of digital currencies at HSBC, stated that this operation demonstrated the compatibility of banking digital currencies across different organizations while maintaining existing oversight and control.
He noted that such a model could simplify liquidity movement between banks for corporate clients, enhance the transparency of cash balances, and reduce the complexity of cross-border transactions.
On July 9, 2026, SWIFT announced the readiness of its blockchain ledger for initial use, revealing that 17 banks across six continents were preparing for pilot operations involving tokenized deposits for 24/7 payments and improved liquidity management.
SWIFT began experimenting with the compatibility of traditional systems with central bank digital currencies (CBDCs) and cryptocurrencies in 2022.
In September 2025, SWIFT announced the integration of blockchain into its technological stack and the development of a conceptual prototype in collaboration with ConsenSys.
Additionally, it was reported in June that major U.S. banks, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo, plan to launch a network of tokenized deposits in the first half of 2027.