Overview
- HSBC and Standard Chartered completed the first live interbank tokenized deposit transaction on Aug. 19 using Swift’s blockchain-based shared ledger to coordinate the transfer.
- Swift’s system acted as an orchestration layer that matched and netted payment obligations between the two banks while each bank recorded the resulting tokenized deposit on its own platform.
- The transaction did not move central bank money on‑chain; final settlement of balances occurred through conventional banking systems rather than on the ledger itself.
- Seventeen global banks are in the controlled pilot that will expand testing across more institutions, currencies and operating conditions to resolve liquidity management, reconciliation and compliance processes.
- Tokenized deposits are regulated bank liabilities distinct from stablecoins, so this work could let companies move bank-backed digital cash 24/7 and improve cash visibility if the pilot scales and operational questions are settled.