24th August 2026
By Shubhii Verma
Standard Chartered and HSBC have completed the first live cross-border transaction involving tokenised deposits through SWIFT’s blockchain-based ledger, marking a significant step toward faster, more efficient and always-on international payments.
HSBC and Standard Chartered Complete First Live Tokenised Deposit Transaction
The transaction demonstrates how regulated banks can issue, transfer, record and settle tokenised deposit obligations across different banking infrastructures. It also provides a practical example of how blockchain-based technology can support interoperability between financial institutions while maintaining the oversight and safeguards associated with traditional bank money.
The milestone follows SWIFT’s July 2026 announcement that its blockchain-based ledger was ready for initial use. At the time, 17 banks across six continents were preparing to pilot live transactions involving tokenised deposits. The initiative is designed to enable 24/7 cross-border payments while improving liquidity management and reducing inefficiencies associated with conventional payment processes.
How the HSBC and Standard Chartered Transaction Was Settled
For the first live transaction, HSBC and Standard Chartered exchanged payment messages through SWIFT’s ledger. The resulting obligations were recorded as tokenised deposit obligations on HSBC’s Tokenised Deposit Service (TDS) and Standard Chartered’s tokenised-deposit infrastructure. Swift’s ledger served as an orchestration layer, matching and netting the obligations between the two banks before final settlement through their existing systems.
The development could have important implications for multinational companies and institutional clients that need to move liquidity across markets outside traditional banking hours. Tokenised deposits can potentially provide greater visibility over cash positions, faster movement of funds, and more efficient treasury operations while remaining backed by regulated commercial banks.
Lewis Sun, Head of Digital Currencies at HSBC, described the transaction as a landmark moment for tokenised deposits, highlighting the ability of bank-issued digital money to operate across different institutional infrastructures without compromising regulatory oversight.
Standard Chartered also views tokenised deposits as an important component of its digital-assets strategy. Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets, said interoperable tokenised deposits could help clients manage liquidity, optimise working capital and access more seamless financial services across markets.
HSBC Expands Its Tokenised Deposit Service Across Global Markets
HSBC’s Tokenised Deposit Service is already live across six markets — Hong Kong, Singapore, Luxembourg, the UK, the US and the UAE — and supports currencies including CNH, HKD, SGD, EUR, GBP, USD and AED. The service provides clients with 24/7 access to liquidity while retaining HSBC’s existing banking infrastructure and controls.
Standard Chartered’s tokenised-deposit capabilities form part of a broader digital-assets ecosystem covering custody, tokenisation and stablecoin settlement.
The transaction highlights the growing effort by global banks and financial infrastructure providers to use distributed ledger technology for real-world payments at scale, while preserving the central role of regulated bank money.
