Swift, HSBC and Standard Chartered have completed the first live interbank transaction on Swift’s blockchain ledger. The operation connected two independently operated tokenized deposit systems through a shared coordination layer on Aug. 19, 2026.
During the transaction, the banks exchanged payment messages via the Swift blockchain ledger, which matched and netted their respective payment obligations before recording the results on each bank's infrastructure. Final settlement ultimately occurred through existing banking systems rather than full onchain settlement. HSBC recorded its obligations through its Tokenised Deposit Service, while Standard Chartered utilized its own separate infrastructure.
The participating parties did not disclose the transaction’s value, currency, customers, or originating jurisdictions, nor did they announce a commercial launch date. Tokenized deposits function as claims against issuing commercial banks, differing from stablecoins issued by specialist companies backed by separate reserve portfolios.
The pilot forms part of Swift's broader initiative involving 17 banks across six continents to test interoperable tokenized deposit transactions. HSBC's Tokenised Deposit Service currently operates in six markets—Hong Kong, Singapore, Luxembourg, the United Kingdom, the United States, and the United Arab Emirates—and supports seven currencies.
Future development and wider adoption of the Swift blockchain ledger will depend on further testing, liquidity management, reconciliation, compliance checks, and support across additional currencies and jurisdictions.
