.jpg)
HSBC and Standard Chartered execute first live tokenised deposit transaction on Swift’s ledger
19 August 2026 UK
Image: Pastel/stock.adobe.com
HSBC and Standard Chartered have announced the completion of bank-to-bank tokenised deposit interoperability through the first live cross-border transaction on Swift’s blockchain-based ledger.
The transaction — conducted through exchange of payment messages between the two banks using Swift’s ledger — was recorded as tokenised deposit obligations on both HSBC’s Tokenised Deposit Service (TDS) and Standard Chartered’s tokenised-deposit infrastructure.
Swift’s blockchain-based ledger acted as the secure orchestration layer, enabling the obligations to be matched and netted between the banks prior to final settlement through existing systems.
The firms say this marks a milestone for the use of tokenised deposits by regulated financial institutions to issue, transfer, record, and settle tokenised deposits which not only demonstrates interbank interoperability, but also advances industry progress on 24/7 cross-border payments.
Lewis Sun, head of Digital Currencies, HSBC, says: “HSBC’s interoperability transaction with Standard Chartered via Swift is a landmark moment for the promise of tokenised deposits. It demonstrated how digital money issued by banks can be interoperable across institutions while maintaining the integrity and regulatory oversight of the existing financial ecosystem.
“Tokenised deposit interoperability underscores how we can bring together different infrastructures to benefit our clients.”
Mark Willis, head of Emerging Payments, Transaction Services, and Digital Assets at Standard Chartered, says: “Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy, which aims to build end-to-end solutions that enable our clients to transact, settle, and manage tokenised liquidity and value across borders.”
The transaction — conducted through exchange of payment messages between the two banks using Swift’s ledger — was recorded as tokenised deposit obligations on both HSBC’s Tokenised Deposit Service (TDS) and Standard Chartered’s tokenised-deposit infrastructure.
Swift’s blockchain-based ledger acted as the secure orchestration layer, enabling the obligations to be matched and netted between the banks prior to final settlement through existing systems.
The firms say this marks a milestone for the use of tokenised deposits by regulated financial institutions to issue, transfer, record, and settle tokenised deposits which not only demonstrates interbank interoperability, but also advances industry progress on 24/7 cross-border payments.
Lewis Sun, head of Digital Currencies, HSBC, says: “HSBC’s interoperability transaction with Standard Chartered via Swift is a landmark moment for the promise of tokenised deposits. It demonstrated how digital money issued by banks can be interoperable across institutions while maintaining the integrity and regulatory oversight of the existing financial ecosystem.
“Tokenised deposit interoperability underscores how we can bring together different infrastructures to benefit our clients.”
Mark Willis, head of Emerging Payments, Transaction Services, and Digital Assets at Standard Chartered, says: “Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy, which aims to build end-to-end solutions that enable our clients to transact, settle, and manage tokenised liquidity and value across borders.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
