Swift has launched a blockchain-based ledger, allowing 17 international partner banks to send cross-border payments using tokenized deposits as the traditional banking industry accelerates its adoption of blockchain technology.
Banks across six continents will be able to use the Swift ledger to process payments outside normal banking hours. The system is designed to interoperate with existing blockchains and support transactions involving stablecoins, tokenized deposits, and central bank digital currencies.
Swift said the initiative marks the first step toward future innovations, including programmable money, agentic commerce, and other emerging use cases.
“The first stated use case is 24/7 cross-border payments using tokenized deposits and other regulated tokenized value, while banks keep control over issuance, assets, keys, funding, and settlement,” said Hugh Thomas, Lead Analyst of Commercial and Enterprise at Javelin Strategy & research. “But the same model could support programmable corporate payments, FX management, securities-related cash movements, tokenized bond settlement, better liquidity visibility, and less reconciliation. Basically, any use cases calling for programmable rules-based funds movement are now opened up.”
Banks Partner with Swift
The ledger was developed over the past nine months with input from participating financial institutions, including BNY, Citi, and Wells Fargo. Swift said the banks’ involvement demonstrated strong global demand for the system.
The shared ledger functions as an orchestration layer. Banks issue tokenized deposits through their own systems and then use Swift’s infrastructure to transfer funds globally. The underlying transaction becomes final only after clearing through Swift’s traditional messaging network.
“Swift is defending the one thing it owns: coordination between banks,” said Anton Lobintsev, Co-Founder of SquareFi. “It’s not so much about building a settlement chain, but an orchestration layer over deposits that stay on each bank’s own ledger. From day one, it’s a 24/7 liquidity overlay on top of correspondent banking, with the final settlement still clearing through the old rails.”
Paving the Way for Blockchain Adoption
The GENIUS Act, which established a regulatory framework for digital assets in the U.S., accelerated institutional interest in blockchain technology. By setting rules around stablecoin issuance, trading, and custody, the legislation gave banks and fintechs a clearer path to launch stablecoins and invest in blockchain infrastructure.
Separately, a consortium of major banks is launching a tokenized deposit network in the first half of 2027. The Clearing House will operate the network, which will also connect traditional payment rails with digital asset infrastructure.
The network will operate alongside Swift’s ledger; several banks are participating in both initiatives.