SWIFT has launched a new blockchain-based ledger to support a tokenized deposit pilot involving 17 major global banks, targeting round-the-clock cross-border payments. The system allows participating banks to move tokenized versions of bank deposits across borders — a process that today requires intermediaries and often takes days. This marks SWIFT's most concrete step yet toward integrating distributed ledger technology into the existing global payments infrastructure.
This directly challenges the narrative that traditional finance will be disrupted by crypto rails — SWIFT is building its own blockchain layer on top of the network that already connects 11,000+ financial institutions. For investors, this is a signal that institutional-grade tokenization infrastructure is accelerating, which is broadly constructive for tokenization-adjacent assets and protocols. It also puts competitive pressure on public blockchain networks that have positioned themselves as the future of cross-border settlement.
Watch for SWIFT's official pilot results or expansion announcement, likely within 2-4 quarters. Also monitor: any central bank digital currency (CBDC) integration announcements from participating banks, and next major tokenization conference announcements from BIS Innovation Hub.
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