HSBC and Standard Chartered complete first live cross-border tokenised deposit

HSBC and Standard Chartered have finalised the first live cross-border tokenised deposit transaction using Swift’s blockchain-based ledger. This achievement represents a significant milestone in the development of interbank digital asset settlement. The transaction successfully connects regulated commercial bank deposits across different digital ledgers, demonstrating institutional interoperability. It also enables round-the-clock liquidity management and facilitates cross-border settlement processes.

The transfer was executed through payment messages exchanged between HSBC’s Tokenised Deposit Service and Standard Chartered’s internal tokenised deposit infrastructure. Swift’s blockchain ledger functioned as a shared orchestration layer during the process. It matched and netted deposit obligations between the two institutions before final settlement occurred across existing payment rails. This operational framework highlights the potential for digital money issued by banks to remain interoperable across institutions while preserving the integrity and regulatory oversight of the current financial ecosystem.

The completion of this transaction follows Swift’s announcement in July 2026 that its blockchain infrastructure was ready for live pilots with a group of 17 global banks across six continents. HSBC stated that the event signals the next step for cross-border payments. Mark Willis, head of emerging payments, transaction services and digital assets at Standard Chartered, described tokenised deposits as a key pillar of the bank’s digital assets strategy. He noted that the strategy aims to build end-to-end solutions allowing clients to transact, settle and manage tokenised liquidity and value across borders. Willis added that as institutional demand grows for faster and more efficient ways to move liquidity and optimise working capital, interoperable tokenised deposits will play an increasingly important role. He suggested these tools will help corporate and institutional clients manage treasury, unlock operational efficiencies and support real-time liquidity management across various markets.