HSBC and Standard Chartered have completed the first live banking transaction on Swift's 24/7 ledger, a pilot project testing real-time settlement. The move is part of Swift's effort to stay relevant as stablecoins and tokenized deposits become widely used.
The first live transaction
The transaction marks the first time a live deal has been processed on the ledger, which is designed to operate around the clock. The pilot is testing how banks can settle payments instantly, rather than waiting for traditional banking hours.
HSBC and Standard Chartered are the two banks involved in this initial test. They executed the transaction as part of a pilot project that Swift is running to explore the potential of a 24/7 settlement system.
Why Swift is building a 24/7 ledger
Swift is pursuing this initiative to remain relevant as stablecoins and tokenized deposits become widely used. These digital assets can settle at any time, and traditional banking infrastructure often operates only during business hours. A 24/7 ledger would allow banks to keep pace with that speed.
The pilot is one of the ways Swift is responding to the rise of digital assets, which can settle instantly and outside traditional banking hours. The transaction is the first in a series of tests, though Swift has not disclosed how many more are planned.
The pilot is still in its early stages, and Swift has not said when it will conclude or whether the ledger will be rolled out more broadly.
