StanChart, HSBC execute first live transaction on Swift blockchain ledger
The transaction connected the banks’ separate tokenized deposit systems through Swift’s ledger, marking a step toward interoperable, 24/7 cross-border payments.
Standard Chartered and HSBC have completed the first live cross-border transaction on Swift’s blockchain-based ledger, demonstrating interoperability between the banks’ tokenized deposit systems a month after the ledger’s launch.
The transaction involved payment messages exchanged between the two through Swift’s ledger, with the resulting obligations recorded on HSBC’s Tokenised Deposit Service and StanChart’s tokenized deposit infrastructure.
Swift’s ledger acted as an orchestration layer, matching and netting the obligations between the banks before final settlement through existing payment systems.
