HSBC and Standard Chartered execute first Swift tokenised deposit transaction

HSBC and Standard Chartered announced the successful completion of the first live cross-border tokenised deposit transaction on SWIFT's blockchain-based ledger. The transaction involved the exchange of payment messages between the two banks, with obligations recorded as tokenised deposits on both HSBC's Tokenised Deposit Service (TDS) and Standard Chartered's tokenised-deposit infrastructure. SWIFT's ledger acted as a secure orchestration layer, enabling matching and netting of obligations before final settlement through existing systems. This milestone demonstrates interbank interoperability for tokenised deposits and advances progress toward 24/7 cross-border payments. It builds on SWIFT's July 2026 announcement that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions. HSBC's TDS is live in six markets and supports multiple currencies, while Standard Chartered's tokenised-deposit capabilities are part of its broader digital assets ecosystem. Executives from both banks highlighted the potential for tokenised deposits to improve liquidity management and reduce complexities in cross-border transactions.