Standard Chartered and HSBC have announced the successful execution of the first live cross-border tokenised deposit transaction between two banks on Swift’s blockchain-based ledger, marking a milestone in efforts to modernise cross-border payments infrastructure.

The transaction demonstrated interbank interoperability for tokenised deposits, regulated digital representations of bank deposits, and represents a step toward the industry’s goal of enabling 24/7 cross-border payments with improved liquidity efficiency.

The move 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. Today’s transaction is the first interbank exchange carried out on the ledger.

The process involved HSBC and Standard Chartered exchanging payment messages via Swift’s ledger, with resulting obligations recorded on HSBC’s Tokenised Deposit Service and Standard Chartered’s own tokenised deposit infrastructure. Swift’s ledger functioned as an orchestration layer, allowing obligations to be matched and netted between the two institutions before settlement through existing systems.

Lewis Sun, HSBC’s Head of Digital Currencies, described the transaction as a “landmark moment,” saying it shows how bank issued digital money can operate across institutions while preserving regulatory oversight.

Mark Willis, Standard Chartered’s Head of Emerging Payments, Transaction Services and Digital Assets, said tokenised deposits are central to the bank’s digital assets strategy, adding that interoperable tokenised deposits will help institutional clients manage treasury operations and liquidity across markets more efficiently.

The banks framed the transaction as part of a wider industry push to apply distributed ledger technology to real world payment needs while maintaining the use of regulated bank money.