The first intrabank tokenised deposit on the Swift blockchain ledger between HSBC and Standard Chartered demonstrates the rise in new 24/7, instant settlement opportunities for global banks.
HSBC and Standard Chartered have today (19 August) completed the first bank-to-bank tokenised deposit settlement using Swift’s new blockchain-based ledger.
The cross-border transaction was conducted using Swift’s payment messaging ledger, acting as an orchestration layer connecting both HSBC’s Tokenised Deposit Service and Standard Chartered’s tokenised deposit infrastructure.
Designed to enable interbank interoperability with tokenised deposits, Swift’s blockchain-based ledger supported the 24/7 cross-border settlement under obligations to match both banks’ services prior to the final settlement.
This marks the first tokenised deposit settlement to issue, transfer and record on the Swift blockchain-based ledger. The network launched in July 2026 and is also the first intra-bank settlement on its blockchain.
Lewis Sun, Head of Digital Currencies at HSBC, said: “HSBC’s interoperability transaction with Standard Chartered via Swift is a landmark moment for the promise of tokenised deposits.
“It demonstrates how digital money issued by banks can be interoperable across institutions while maintaining the integrity and regulatory oversight of the existing financial ecosystem.”
Accessing greater liquidity
Sun highlighted the ability of tokenised deposits to unlock greater financial liquidity and access to funds for their corporate clients.
Through HSBC’s TDS, the service enables clients to access instant, 24/7 access to liquidity by connecting to the bank’s global network while leveraging the existing infrastructure which is regulatory compliant.
HSBC TDS has been live in six markets; the UK, US, United Arab Emirates, Singapore, Hong Kong, and Luxembourg.
It also supports multiple currencies including US dollar (USD), Great British Pound (GBP), Euro (EUR), and Singapore Dollar (SGD), to name a few.
Tokenised deposits have grown significantly in usage for international banks seeking to find the same benefits of instant, 24/7, settlement from stablecoins and other digital currencies, but under their existing infrastructure whilst clients can benefit from the same regulatory security and access to interest yield.
“Tokenised deposit interoperability underscores how we can bring together different infrastructures to benefit our clients,” added Sun.
“For corporates, this is about solving real-world challenges, such as moving liquidity around the world, across financial institutions, increasing cash visibility and reducing the complexities sometimes associated with traditional cross-border transactions.”
More on-chain finance use cases
Standard Chartered is another international bank that has established its tokenised deposit service to leverage the benefits of on-chain finance.
Its tokenised deposit service is live in 55 markets globally. Standard Chartered supports clients by moving regulated bank money with greater speed, transparency and efficiency across borders.
Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets at Standard Chartered, said: “Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy which aims to build end-to-end solutions that enable our clients to transact, settle and manage tokenised liquidity and value across borders.”
Standard Chartered and HSBC are among several banks that have conducted tokenised deposit settlements over the past year.
In the US, JP Morgan launched its JPM Coin to facilitate its tokenised deposit use cases. Citi Token Service supports multi-currency tokenised deposits, while Bank of America and Wells Fargo have also expanded their services.
All four of the aforementioned US banks have established a tokenised deposit network which looks to conduct pilot programmes in a bid to develop interoperability use cases among their services.
In the UK alongside HSBC, Lloyd’s launched its first tokenised deposit pilot in January 2026, expanding upon this in July by settling multi-currency settlements as part of Project Agora.
The latest Swift-enabled tokenised deposit settlement between Standard Chartered and HSBC is the latest example of where traditional finance firms see cross-border, multi-currency settlement heading; leveraging blockchain technology.
“This transaction is part of a broader industry effort for distributed ledger technology to support real-world payment use cases at scale, while preserving the role of regulated bank money,” added Willis.
