HSBC and Standard Chartered Break Ground with Blockchain Ledger Transfer

HSBC and Standard Chartered made history by completing the first live tokenized deposit transfer on SWIFT's blockchain-based ledger. This milestone marks a significant step towards integrating digital assets into traditional banking systems.

The transaction was executed six weeks after SWIFT opened its network to an initial cohort of 17 banks, including ANZ, BNP Paribas, Citi, and UBS. The two banks used their respective tokenized deposit services to facilitate the transfer, with the resulting obligations recorded on both systems.

SWIFT's ledger worked as an orchestration layer, matching and netting the obligations between the two institutions before final settlement ran through existing payment rails. HSBC's Head of Digital Currencies, Lewis Sun, called it a 'landmark moment' for tokenized deposits.

The project is built on open-source foundations using Hyperledger Besu, an Ethereum Virtual Machine-compatible architecture. Consensys developed the conceptual prototype when SWIFT announced the project in September 2025.