Finance19 August, 20262 min read
HSBC and Standard Chartered Complete First Live Tokenized Deposit Transaction on Swift Blockchain Ledger
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First live cross-border tokenised deposit transaction on Swift’s blockchain ledger. Connects the banks’ separate tokenised deposit systems, enabling interoperability.
First live Swift ledger deal
Standard Chartered and HSBC completed the first live cross-border bank-to-bank tokenized-deposit transaction on Swift’s blockchain-based ledger, with Swift’s ledger acting as an orchestration layer that matched and netted obligations before final settlement through existing systems. The transaction involved payment messages exchanged between the two banks, with resulting obligations recorded on HSBC’s Tokenised Deposit Service and Standard Chartered’s tokenized-deposit infrastructure.
The milestone follows a July announcement from Swift that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenized deposits. The ledger is designed to connect tokenized deposits issued on separate bank infrastructure, enabling 24/7 cross-border payments while retaining existing settlement, compliance and risk controls.
Bank leaders call it a landmark
HSBC’s Lewis Sun, Head of Digital Currencies, said the interoperability transaction with Standard Chartered via Swift was a “landmark moment for the promise of tokenised deposits,” adding that it demonstrates digital money issued by banks can be interoperable across institutions while maintaining regulatory oversight. Standard Chartered’s Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets, said “Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy,” framing the capability as enabling clients to transact, settle and manage tokenised liquidity and value across borders.
The WebWire release described the live transaction as the first interbank transaction executed on Swift’s ledger, conducted through the exchange of payment messages between HSBC and Standard Chartered. It also said the resulting obligations were recorded as tokenised deposit obligations on both HSBC’s Tokenised Deposit Service (TDS) and Standard Chartereds tokenised-deposit infrastructure.
What comes next for pilots
Swift said its ledger’s functionality and availability will expand after the initial controlled go-live phase, and the transaction was described as establishing the first live interbank use while leaving the payment’s value, currency pair and corridor undisclosed. The pilot group referenced in the coverage included 17 banks across six continents, and the ledger was described as connecting tokenized deposits issued on separate bank infrastructure to support 24/7 cross-border payments.
HSBC said it planned to expand its Tokenised Deposit Service to corporate clients in the US and UAE in the first half of 2026, adding to deployments in Hong Kong, Singapore, the UK and Luxembourg. In parallel, the DiarioBitcoin coverage said the milestone turned a tested pilot concept into operational infrastructure for payments between regulated banks, while noting that final settlement still occurs via existing banking rails.