SWIFT will create its own blockchain

Last week, the international interbank payment system SWIFT announced the development of its blockchain platform—a shared ledger that will allow banks to conduct settlements using stablecoins and tokenized assets across different blockchains 24/7.

For the organization, which unites more than 11,500 banks in 200 countries, this marks a step away from being an intermediary transmitting money messages to an active participant in digital transactions.

More than 30 financial institutions are already participating in the pilot project, including JPMorgan, HSBC, Bank of America, and Deutsche Bank. Consensys, founded by Ethereum co-developer Joseph Lubin, is the technology partner.

“This is a major turnaround for SWIFT, which should help it counter the disintermediation caused by blockchain. Today, SWIFT doesn’t move money, it only sends messages.

SWIFT has been experimenting with blockchain solutions since 2017, testing Chainlink, Clearstream, SETL, and integration with national digital currencies (CBDCs). Interest in tokenization is rapidly growing today, as banks seek a secure and interoperable way to enter the digital asset ecosystem.

Earlier, Visa announced the launch of cryptocurrency payments, and major European banks launched a joint project to create their own stablecoin.

“The market is moving faster than ever. Stablecoins are already being used in international settlements, and banks can’t ignore this. “SWIFT’s participation will simplify integration and accelerate the adoption of digital assets in the traditional financial system,” noted Barry O’Sullivan, CEO of OpenPayd.

According to David Duong, Head of Institutional Research at Coinbase, the SWIFT initiative will become a “watershed” between traditional money and the crypto industry. A shared infrastructure will reduce costs, standardize processes, and accelerate the emergence of a global network of tokenized assets.

However, experts doubt that SWIFT can remain a neutral player. The system’s involvement in US and EU sanctions policies has raised mistrust in some countries. Even if successful, full integration is unlikely—private stablecoins, CBDCs, and regional solutions will continue to exist in parallel.

In the short term, SWIFT plans to gradually integrate banks once a clear regulatory framework is in place. In the long term, it aims to create a universal digital settlement standard capable of radically changing the architecture of the global financial system.