Financial Institutions Flock to Stablecoins as Cross-Border Transactions Go Digital
IBM has linked its digital asset haven to Swift for tokenized deposits. This move comes after several financial institutions, including DBS and Citi, successfully executed a landmark weekend tokenized transfer between Singapore and the US using Swift's Digital Ledger.
The transaction marked the first cross-border weekend transfer between the two countries, utilizing the new technology to facilitate the exchange of tokenized assets.
Taurus has also integrated its platforms with Swift's shared ledger, enabling banks to transact tokenized deposits through existing systems. This integration is part of a broader effort by financial institutions to adapt to the growing use of stablecoins and digital assets in global transactions.
Meanwhile, IBM expects quantum computing to start boosting earnings by 2028 or 2029, with $1 trillion projected in revenue. Circle has also acquired over 680 patent families and nearly 1,000 issued patents from IBM's blockchain portfolio as part of a deal.