HSBC and Standard Chartered complete first live transaction on Swift’s 24/7 ledger as the payments network tests blockchain settlement against stablecoins and tokenized deposits

HSBC's Lewis Sun said the transaction demonstrates interoperability of bank-issued digital money across institutions while preserving regulatory oversight, addressing real-world issues like global money movement, cash visibility and legacy cross-border systems. Standard Chartered's Naveen Mallela said Swift's core infrastructure has been unchanged for 30-40 years, calling the shift from messaging to ledgering a natural evolution with potential benefits like tighter spreads and lower fees. Citi's Debo Sen said Swift, with 11,500 participating banks, over $7.5 trillion processed daily and 53 million daily messages, is well-positioned to create network effects across tokenized deposits.

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