HSBC and Standard Chartered have executed the first interbank transaction with tokenized deposits on SWIFT's blockchain infrastructure, according to Finextra.
DLT solution in this operation acted as an orchestration layer: before final settlement through existing systems, the platform matched counterparties' obligations and conducted netting of offsetting claims.
Subsequently, the obligations in tokenized form were recorded by HSBC's Tokenised Deposit Service and Standard Chartered's digital infrastructure.
The deal marked the first real transaction between banks on SWIFT's ledger. Lewis Sun, Head of Digital Assets at HSBC, stated that the operation demonstrated the interoperability of banks' digital money across different institutions while maintaining existing supervision and control.
He noted that for corporate clients, such a model could simplify the movement of liquidity between banks, enhance transparency of cash balances, and reduce the complexity of cross-border transactions.
On July 9, 2026, SWIFT announced that its blockchain ledger was ready for initial use. At the same time, the company stated that 17 banks across six continents were preparing for pilot operations with tokenized deposits for 24/7 payments and more efficient liquidity management.
The company began experimenting with the compatibility of traditional systems with CBDCs and cryptocurrencies as early as 2022.
In September 2025, SWIFT announced the integration of blockchain into its technology stack and the assembly of a conceptual prototype in collaboration with ConsenSys.
Recall that in June, it became known that JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major U.S. banks plan to launch a tokenized deposits network in the first half of 2027.
What are tokenized deposits and how do they differ from stablecoins?
