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yesterday

Swift and Major Banks Will Build a Shared Ledger for Stablecoin and Tokenized Asset Settlement

The project seeks to use Swift’s global reach to standardize multi‑chain settlement under ISO 20022.

What swift's blockchain means for stablecoins and global banks
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Overview

  • Swift has begun a design and prototype effort for a blockchain-based shared ledger intended to support 24/7 cross-border settlement of stablecoins, tokenized deposits and other digital assets.
  • More than 30 financial institutions are engaged, with reported participants including JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Banco Santander and OCBC.
  • Early consortium work is focused on interoperability for real-time payments and alignment with ISO 20022 data-rich messaging standards, and Swift has not provided a production timeline.
  • Bank of America and Deutsche Bank executives highlighted plans to explore bank-issued stablecoins and broader token-rail integration to meet client demand for faster, programmable payments.
  • Commentators cite potential onboarding and standardization gains for banks, while warning of continued fragmentation and neutrality concerns tied to sanctions; Ripple’s CEO criticized the timing as a marketing move.