Key Highlights
- •Swift and its partners have successfully settled tokenized bonds using both fiat currency and stablecoins across multiple platforms.
- •The integration of ISO 20022 messaging standards facilitated secure and compliant workflows, bridging blockchain technology with traditional finance.
- •Future plans include the development of a shared blockchain ledger to enhance the adoption of digital assets and enable real-time global settlement.
Seamless Settlement Across Platforms
Swift, in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale – FORGE, has successfully completed a landmark trial demonstrating the settlement of tokenized bonds across multiple platforms. This initiative marks a significant step in the integration of digital finance with existing financial infrastructure.
The trial enabled delivery-versus-payment (DvP) settlement, interest payouts, and redemption using both fiat currency and stablecoins, with key roles played by paying agents and custodians. This represents the first coordinated demonstration of tokenized asset transactions that bridge blockchain networks and traditional financial infrastructure. By integrating ISO 20022 messaging standards with blockchain-native systems, the initiative allowed institutions to transact with security and compliance, thereby reducing operational complexity and accelerating the adoption of digital assets.
The trial highlighted the potential for tokenized assets to leverage existing rails, shielding financial institutions from blockchain-specific technical challenges. Swift's orchestration ensured that all settlement flows were executed efficiently, proving that digital and fiat currency payments can coexist seamlessly within a regulated environment.
Toward a Scalable Digital Ledger
Building upon these successful trials, Swift plans to integrate a blockchain-based shared ledger into its platform. This new infrastructure is designed to facilitate real-time, 24/7 cross-border payments and multi-asset transactions, creating a coordinated environment where timing, execution, and outcomes are aligned across all participants. The ledger aims to address fragmentation within the digital asset ecosystem by connecting isolated networks and tokenized assets while ensuring adherence to global standards and compliance requirements.
The initiative also encompasses proposals for new market practice guidelines to be developed through the Securities Market Practice Group (SMPG), embedding best practices for the adoption of tokenized assets. By combining interoperability, compliance, and real-time settlement capabilities, Swift is positioning its network as a crucial bridge between traditional finance and the evolving digital asset ecosystem, thereby supporting secure, scalable, and efficient global financial transactions.
In a parallel development, Swift unveiled a significant advancement in blockchain infrastructure by announcing the launch of a new blockchain-based ledger at the Sibos 2025 conference. This move signifies a major step in modernizing global finance, building on years of collaboration with Chainlink to effectively bridge traditional financial systems and blockchain networks.