SWIFT's Blockchain-Based Shared Ledger
SWIFT is extending its network into a digital environment with a blockchain-based shared ledger: a permissioned, EVM-compatible orchestration layer that records and validates interbank payment commitments and lets banks move value 24/7 using tokenised deposits — bank money, not crypto. Announced at Sibos 2025 and moved to live pilot in July 2026 with 17 global banks. This guide covers the architecture, the flow, current status, and how it differs from stablecoins.
Current status
Announced at Sibos 2025 (Frankfurt): SWIFT unveils plans for a blockchain-based shared ledger to extend its network into a digital, always-on environment.
Design phase completed; project progresses to MVP implementation on Hyperledger Besu with an EVM-compatible, ISO 20022-aligned architecture.
SWIFT announces the ledger is ready for initial use: early-adopter institutions begin piloting 24/7 cross-border payments with tokenised deposits across 17 banks on six continents.
Pioneer banks
The initial cohort of 17 institutions spans six continents and includes major global banks such as UBS, HSBC, BNY, Citi and Wells Fargo, testing cross-border payments settled in tokenised deposits.
Pioneer banks
Across six continents, piloting tokenised-deposit cross-border payments.
Network reach
SWIFT's existing membership — the eventual addressable base for the rail.
Availability target
Always-on settlement, including nights, weekends and holidays.
As of this writing (July 2026) the ledger is an early-adopter pilot, not a fully general-availability rail. Scope, participants and capabilities are expected to expand as the pilot matures.