Japan's Financial Services Agency has made blockchain-based finance a policy priority for 2026, while SWIFT simultaneously tests its blockchain ledger platform with Citibank and MUFG for 24-hour cross-border payments with faster transfers and lower fees.
DBS Bank and Citibank executed the first weekend USD payment between Singapore and the US using tokenized deposits via Swift's Digital Ledger, demonstrating 24/7 settlement capabilities for traditional banking infrastructure.
HSBC and Standard Chartered have completed the first live cross-border banking transaction on Swift's new 24/7 blockchain-based ledger, marking a significant milestone in Swift's pilot project to pivot from messaging to settlement as it adapts to the rise of stablecoins and tokenized deposits.
Swift announced its blockchain-based ledger is ready for initial use, with 17 banks from six continents preparing to pilot live transactions using tokenized deposits for 24/7 cross-border payment availability. The system moved from concept to activation in nine months.
