HSBC and StanChart Complete First Live Transaction on Swift’s Blockchain Ledger: A New Era for Financial Technology

HSBC and Standard Chartered have successfully completed the first live cross-border transaction on Swift’s blockchain-based ledger, demonstrating interoperability between their tokenized deposit systems. The transaction involved payment messages exchanged through Swift’s ledger, with resulting obligations recorded on HSBC’s Tokenised Deposit Service and StanChart’s tokenized deposit infrastructure. Swift’s ledger acted as an orchestration layer, matching and netting the obligations before final settlement through existing payment systems. This milestone follows Swift’s announcement in July that its blockchain-based ledger was ready for initial use, with 17 banks across six continents piloting live transactions using tokenized deposits. The pilot group included Citi, BNP Paribas, BNY, Wells Fargo, UBS, MUFG, DBS, and ANZ. The ledger is designed to connect tokenized deposits issued on separate bank infrastructure, enabling 24/7 cross-border payments while retaining existing settlement, compliance, and risk controls. HSBC plans to expand its Tokenised Deposit Service to corporate clients in the US and UAE in November 2025, while Standard Chartered has participated in real-value settlement trials under the Bank for International Settlements’ Project Agorá. These developments highlight the banks’ efforts toward interoperability and continuous settlement through tokenized deposits.

Swift’s blockchain ledger represents a pivotal moment in the evolution of financial technology, offering the potential to modernize banking systems and deliver faster, lower-cost services to customers.