HSBC reviews Swift's new blockchain-based orchestration layer for tokenised deposits, noting it is a pragmatic operational step that falls short of full interoperability as it still relies on legacy settlement rails.
Key Takeaways
- 1.Swift is developing a blockchain-based orchestration layer for tokenised deposits, moving to a pilot phase with 17 banks.
- 2.The system acts as an orchestration layer rather than a settlement layer; final settlement continues to rely on legacy payment rails.
Table of Contents
- News that caught our eye
- Why it matters
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- Related research notes
- Disclosure appendix
- Disclaimer
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Authors
Daragh MaherElla Hewitt
Themes
Digital Assets RegulationInteroperabilityTokenised Deposits
Regions
GlobalEuropeIndiaUnited StatesTaiwan