HSBC and Standard Chartered have carried out the first live cross-border interbank transaction using tokenised deposits on Swift’s blockchain-based ledger.
The banks said the move showed that tokenised deposits can work between regulated institutions in a live banking transaction.
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It showed how such deposits can be issued, transferred, recorded and settled through Swift’s ledger in a cross-border setting.
The transaction follows Swift’s July 2026 statement that the ledger was ready for initial use.
At that time, 17 banks across six continents were preparing pilots involving live transactions with tokenised deposits, aimed at round-the-clock payment availability and improved liquidity use.
In the latest transaction, HSBC and Standard Chartered exchanged payment messages through SWIFT’s ledger.
The payment obligations created by that exchange were then recorded as tokenised deposit obligations on HSBC’s tokenised deposit service and on Standard Chartered’s tokenised-deposit system.
HSBC Digital Currencies head Lewis Sun said: “HSBC’s interoperability transaction with Standard Chartered via Swift is a landmark moment for the promise of tokenised deposits. It demonstrates how digital money issued by banks can be interoperable across institutions while maintaining the integrity and regulatory oversight of the existing financial ecosystem.
“For corporates, this is about solving real-world challenges, such as moving liquidity around the world, across financial institutions, increasing cash visibility and reducing the complexities sometimes associated with traditional cross-border transactions.”
Swift’s ledger was used as the orchestration layer, allowing the obligations between the two banks to be matched and netted before final settlement took place through existing systems.
The banks said the development points to how cross-border payments could better align with a global economy that operates on a 24/7 basis.
Standard Chartered Emerging Payments, Transaction Services and Digital Assets head Mark Willis said: “Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy which aims to build end-to-end solutions that enable our clients to transact, settle and manage tokenised liquidity and value across borders. We are pleased to partner with HSBC on executing the first live transaction on Swift’s blockchain-based ledger marking an important step towards more seamless, always-on financial services.”
