HSBC and Standard Chartered Complete First Live Tokenized Deposit Transfer on SWIFT Blockchain
HSBC and Standard Chartered have completed the first live tokenized deposit transfer on SWIFT's blockchain-based ledger. The transaction took place six weeks after the network opened to an initial cohort of 17 banks. HSBC's interoperability with Standard Chartered via SWIFT is seen as a significant milestone for the promise of tokenized deposits.
According to HSBC executive Lewis Sun, 'HSBC's interoperability transaction with Standard Chartered via SWIFT is a landmark moment for the promise of tokenised deposits.'
The ledger is built on open-source foundations using Hyperledger Besu and operates as an orchestration layer, matching and netting obligations between institutions before final settlement runs through existing payment rails. The technology aims to integrate with the broader digital asset ecosystem.
SWIFT says it will handle the orchestration of transaction workflows, validation of funding commitments, and coordination of interbank processes. Consensys built the conceptual prototype in 2025.