HSBC and Standard Chartered banks implemented the first interbank transaction using tokenized deposits on the SWIFT blockchain infrastructure, Finextra reports. As part of this operation, the solution based on a distributed ledger served as an orchestration layer: before the final settlement through existing systems, the platform matched the parties’ obligations and carried out the offsetting of counterclaims. After this, the obligations in tokenized form were recorded by the HSBC Tokenised Deposit Service and the Standard Chartered digital infrastructure.

The transaction became the first real transaction between banks in the SWIFT registry. Lewis Sun, Head of Digital Currencies at HSBC, stated that the operation demonstrated the interoperability of bank digital currencies between different organizations while maintaining existing oversight and control. According to him, for corporate clients, this model can simplify the movement of liquidity between banks, increase the transparency of cash balances, and reduce the complexity of cross‑border transactions.

On July 9, 2026, SWIFT announced that its blockchain ledger was ready for initial use. At the same time, the organization stated that seventeen banks across six continents were preparing for pilot operations with tokenized deposits to ensure round‑the‑clock payments and more efficient liquidity management. The company began experimenting with the compatibility of traditional systems with central bank digital currencies and cryptocurrencies back in 2022. In September 2025, SWIFT announced the integration of blockchain into its technology stack and the assembly of a conceptual prototype in collaboration with ConsenSys. It should be recalled that in June it became known about the plans of major US banks such as JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo to launch their own network of tokenized deposits in the first half of 2027.