TLDR
- SWIFT builds a shared ledger to process stablecoin settlements.
- Over 30 global banks have joined the blockchain testing phase.
- Consensys partners with SWIFT to enable tokenized asset transfers.
- The new ledger aims to connect public and private blockchains.
SWIFT, the world’s leading financial messaging network, is moving closer to blockchain integration. The organization revealed plans to launch a shared digital ledger designed for stablecoins and tokenized assets. This development positions SWIFT at the core of blockchain-based settlement while reshaping its traditional role in global payments.
SWIFT Begins Transition Into Blockchain Settlement
SWIFT has started developing a blockchain-based shared ledger that will allow banks to settle transactions across multiple networks. The organization aims to bridge traditional banking systems with digital assets, giving institutions direct access to stablecoins and tokenized instruments.
The initiative, developed with Consensys, marks a shift from message relay to direct value transfer. For more than five decades, SWIFT connected over 11,500 financial institutions, transmitting secure messages rather than funds. The new model brings it closer to the center of money movement as digital settlement gains global traction.
Industry Analysts See a Changing Financial Role
Analysts tracking the project say SWIFT is adjusting its model to survive blockchain disintermediation. Noelle Acheson, author of Crypto Is Macro Now, said, “SWIFT today does not transfer value; it sends messages. Onchain, the message and the transfer are the same thing.”
Acheson explained that the new ledger could serve as a switching layer between digital currencies and tokenized assets. She questioned whether SWIFT remains necessary in a programmable money environment but acknowledged its long-standing relationships with global banks as a major advantage.
Those links could give SWIFT a faster route to onboarding banks that want to enter the blockchain ecosystem while maintaining compliance and operational structure.
Banks Join Testing and Technical Integration
More than 30 banks, including JP Morgan and Deutsche Bank, joined the pilot phase to explore blockchain settlement through SWIFT’s shared ledger. The prototype connects with both private and public blockchains, enabling banks to manage tokenized bonds, stablecoins, and other digital instruments.
Barry O’Sullivan, Director of Banking and Payments at OpenPayd, said, “Stablecoins are being adopted globally at such a speed that traditional banks have to take notice.” He added that SWIFT’s project “could bring a level of standardization to the global stablecoin ecosystem.”
David Duong, Head of Institutional Research at Coinbase, said the platform could lower integration costs for institutions entering blockchain finance. He called the development a key step in unifying fragmented financial systems.
Competing for Relevance in the Tokenized Era
The project arrives as stablecoins process trillions of dollars in yearly transactions. Analysts say SWIFT now competes less with Ripple and more with stablecoin-based settlement models that allow direct transfers between banks.
SWIFT’s ledger gives institutions a way to adopt blockchain technology without abandoning existing systems. This move could help the network retain influence as tokenization spreads across global finance.
The initiative reflects growing cooperation between legacy finance and blockchain developers. If testing proves successful, SWIFT’s platform could redefine how global institutions manage settlements across fiat and digital networks.
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