SWIFT Moves to Blockchain Settlement With Live Trials
SWIFT is advancing its blockchain-based shared ledger into an MVP iteration for real-world settlement trials this year.Summary
SWIFT, the global financial messaging network, is moving its blockchain-based shared ledger into its first Minimum Viable Product (MVP) iteration following a design phase involving over 30 global banks, including JPMorgan and HSBC. This ledger is a permissioned infrastructure built on Linea, an Ethereum layer-2 network, and it does not use a native cryptocurrency. Its purpose is to facilitate real-time settlement of tokenized deposits, stablecoins, and CBDCs by combining messaging and settlement into a single layer, thereby solving the slow, multi-intermediary issues of traditional cross-border payments. SWIFT plans to launch the MVP with live transactions this year, positioning it as a parallel settlement track rather than a replacement for its existing messaging system, potentially impacting the $183 trillion annual cross-border payments market.
(Source：BeInCrypto)