HSBC and Standard Chartered Complete First Live Tokenised Deposit Transaction
HSBC and Standard Chartered have carried out what banking insiders are calling a genuine first for digital finance: a live tokenised deposit transaction settled through Swift’s blockchain-based ledger. The move marks the first time two banks have used the messaging giant’s new infrastructure to exchange tokenised obligations directly, rather than through the traditional correspondent banking rails that have underpinned cross-border payments for decades.
Key takeaways
- HSBC and Standard Chartered completed the first live tokenised deposit transaction on Swift’s blockchain-based ledger.
- Swift acted as a secure orchestration layer, matching and netting obligations between the two banks before final settlement through existing systems.
- The obligations were recorded as tokenised deposits on both HSBC’s Tokenised Deposit Service and Standard Chartered’s own tokenised-deposit infrastructure.
- Swift said in July that its ledger was ready for initial use, with 17 banks across six continents preparing pilot transactions.
- The ledger is designed to support 24/7 payment availability and better liquidity efficiency for participating institutions.
HSBC and Standard Chartered Complete First Live Tokenised Deposit Transaction
This is the first interbank transaction ever executed on Swift’s tokenised deposit ledger, giving the industry a concrete example of how bank-issued digital money can move between institutions in practice, not just in pilot theory. Until now, tokenised deposits had largely existed as proof-of-concept demonstrations run by individual banks or within closed sandbox environments.
… Continue reading the full article at the original source below.
