SWIFT Unleashes Blockchain Ledger for Cross-Border Payments

Global banking network SWIFT has enabled its blockchain ledger, marking a significant milestone in the development of cross-border payments. The platform allows for direct 24/7 transfers between money and tokenized deposits, preserving the same banking compliance and settlement processes.

The launch follows over a year since the project was announced and represents a major stride toward making blockchain-based financial infrastructure mobile. SWIFT's ledger is now ready for use, with 17 major banks from six continents set to test it out in real-world scenarios.

Unlike traditional stablecoins issued by private companies, tokenized deposits represent digital versions of commercial bank money. This approach allows institutions to move value at any time, including weekends and overnight, before final settlement occurs through established payment rails.