17 banks join SWIFT\'s global blockchain pilot

SWIFT launches a blockchain registry with 17 large banks to test cross-border payments of tokenized deposits.

This pilot project marks a solid step for institutional cryptocurrency as it integrates traditional banking tracks more closely with digital infrastructure capable of running around the clock.

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SWIFT launches blockchain pilot with 17 global banks. The project tests cross-border payments of tokenized deposits. The goal is to provide round-the-clock settlement within a compliant banking framework.

Cryptocurrency: SWIFT moves from concept to banking pilots

SWIFT is no longer just testing blockchain in the laboratory. The interbank network is entering initial use with 17 banks across six continents. This evolution expands its work with Consensus sys to create a shared ledger dedicated to cross-border payments.

Participating banks include HSBC, Citibank, BNP Paribas, UBS, ANZ, DBS and Standard Chartered Bank. They will conduct trading experiments using tokenized bank deposits within a controlled framework.

The goal is clear: to make international payments even at night, on weekends, or outside standard bank hours. End users may not see revolutionary changes immediately, but the infrastructure behind the transfer may undergo profound changes.

Tokenized deposits provide banks with solutions to stablecoins

Tokenized deposits represent claims on commercial banks, but are in programmable digital form. Unlike traditional private stablecoins, they are still integrated into banks \'balance sheets and existing regulatory rules.

This is exactly what SWIFT is interested in. The network is designed to provide the benefits of cryptocurrencies, such as permanent availability and automation, while not giving up control of traditional finance. This ledger will serve as a coordination layer among participating banks.

Customers \'funds can be transferred faster before final settlement is completed through existing systems. This approach avoids sudden subversion. Rather than replacing the banking track immediately, SWIFT adds a more flexible digital layer to it.

The move also responded to pressure from stablecoins. Stable coins have shown that international payments can flow quickly and with fewer visible intermediaries. Banks are now seeking to provide a more regulated alternative.

Blockchain ledger designed for compliance

SWIFT\'s ledger is not like a public blockchain that is open to everyone. It targets a controlled banking environment with compliance, credit, risk and governance rules that financial institutions are already familiar with.

This distinction is crucial. Banks not only want to transfer tokens, they must also identify counterparties, monitor the flow of funds, comply with sanctions and ensure traceability. As a result, the ledger must operate as a regulated cryptographic infrastructure rather than an experimental network.

SWIFT also emphasizes liquidity. If banks cannot continuously manage their balances, payments around the clock are meaningless. Tokenized deposits can improve this management, but require more refined organization of reserves and settlements.

This is consistent with FMI\'s analysis, which considers tokenized deposits, stablecoins and tokenized central bank reserves to be the three main forms of digital settlement. The question is no longer whether tokenization will advance, but which model will dominate.

Traditional finance adopts cryptocurrency language

SWIFT\'s pilot is taking place in a broader context. Bank of America is also preparing a tokenized deposit network. The New York Stock Exchange, Securitize and several asset management companies are studying tokenized stocks and funds. This convergence shows that traditional finance no longer ignores cryptocurrencies. It is trying to regain the initiative with its own rules, partners and infrastructure. Blockchain is no longer just a slogan, but a tool for settlement, synchronization and automation.

For SWIFT, the challenge is also defensive. The network connects more than 11500 institutions in more than 200 countries and regions. It has claimed that 75% of payments on its network reach the receiving bank within 10 minutes, often in seconds. But expectations are changing. Markets require real-time, full-time tracking and continuous availability.

Thus, this blockchain ledger allows SWIFT to remain at the center of the system, rather than letting stablecoins or public networks capture innovation alone. The pilot does not guarantee mass adoption, but proves that banks are now testing tokenization with real-world transactions.

The next step will be to expand functionality after this controlled phase. If this model is successful, tokenized deposits could become one of the most powerful bridges between banks and cryptocurrencies. SWIFT already has global scale. The remaining question is whether this new blockchain layer can improve payments without weakening the trust that underpins tokenized finance.