Among the 17 banks testing Swift’s new blockchain payments platform are HSBC, UBS, Wells Fargo, and Citi.
By Olivier Acuna|Edited by Jamie Crawley Jul 9, 2026, 11:08 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (SWIFT)SummaryShow- Swift is set to conduct live trials of a blockchain ledger with 17 prominent banks, facilitating 24/7 cross-border payments through tokenized deposits.
- The system aims to enable banks to transfer customer funds during nights and weekends, while final settlements will still be processed via traditional payment systems.
- This ledger will accommodate regulated digital currency and tokenized assets across various blockchains, enhancing existing banking protocols for quicker payments.
A group of 17 banks is gearing up to initiate live transactions on Swift's blockchain ledger, marking progress towards enabling continuous cross-border payments utilizing tokenized deposits.
In an announcement made on Thursday, Swift revealed that the ledger is ready for initial deployment by banks on six continents. The goal is to facilitate overnight and weekend fund transfers for customers, with final settlements handled through existing payment mechanisms.
Participating banks include UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo.
Swift, which serves over 11,500 financial institutions as a bank-owned messaging network, unveiled this shared ledger initiative last October, stating it would allow banks to settle transactions involving stablecoins and tokenized assets across multiple blockchain platforms, complementing rather than replacing current payment infrastructures.
According to Swift, the system provides banks with a collaborative layer for tokenized deposits that are issued on their respective ledgers. These tokenized deposits represent digital forms of commercial bank money.
“Our new ledger capability extends the trust and stability of established finance into the realms of digital currency,” stated Thierry Chilosi, Swift’s chief business officer.
This initiative aligns with ongoing efforts by banks, payment providers, and cryptocurrency firms to explore faster methods for international money transfers. While stablecoin issuers already provide services that can settle transactions outside of banking hours, banks cite regulatory, compliance, and risk management concerns as justifications for utilizing tokenized deposits within a bank-controlled framework.
Swift reported that 75% of transactions on its network currently reach beneficiary banks in under 10 minutes, often within seconds. The ledger is designed to ensure constant availability for regulated digital currencies while maintaining final settlements linked to existing systems.
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Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk ResearchJul 7, 2026Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters:
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
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