StanChart, HSBC execute first live transaction on Swift blockchain ledger
Standard Chartered and HSBC completed the first live cross-border transaction on Swift’s blockchain-based ledger, showing that tokenized deposit systems from different banks can interoperate. Payment messages were exchanged through Swift’s ledger, which matched and netted obligations before final settlement on existing payment rails. The test used HSBC’s Tokenised Deposit Service and Standard Chartered’s tokenized deposit infrastructure. The transaction came after Swift said its ledger was ready for initial use and that 17 banks were preparing live pilots. The system is designed to connect tokenized deposits across separate bank infrastructures, enabling 24/7 cross-border payments while preserving current settlement, compliance, and risk controls. The move reflects broader industry efforts to make tokenized bank money interoperable across institutions and jurisdictions.
