Swift launches blockchain ledger for tokenized deposit pilot with 17 banks

Key takeaways

• 1Swift launched a blockchain ledger enabling 17 banks to pilot tokenized deposits for cross-border payments.
• 2The platform operates 24/7, removing traditional banking hours limitations for international transactions.
• 3Tokenized deposits allow banks to settle transactions instantly without intermediaries or multiple conversion steps.

Why it matters

This development could accelerate India's adoption of blockchain-based settlement infrastructure and reduce costs for Indian banks participating in cross-border trade, particularly with Southeast Asia and developed markets.