- Swift will start live trials for tokenized asset and digital currency transactions in 2025 across major regions.
- The trials will connect public and private blockchains, enabling asset transfers and supporting CBDCs.
Global bank messaging giant Swift has announced that it is set to conduct trial live transactions of tokenized assets and digital currencies starting next year. This marks a significant step towards integrating these assets into the mainstream financial system. The announcement follows the progress made from earlier experiments into practical real-world applications, allowing commercial and central banks to transact with digital assets across multiple blockchain ledgers.
According to the official announcement, banks across North America, Europe, and Asia are set to participate in these live trials, using Swift’s messaging network to move real money and assets between different blockchain networks. This transition represents an advancement from experimental setups to real-time usage, highlighting the growing adoption of blockchain technology by traditional financial institutions.
Connecting Financial Networks with Swift’s Live Trials
The live trials build on Swift’s ongoing collaboration with various financial entities. They aim to connect different digital networks, technologies, and asset classes. Currently, over 11,500 financial institutions rely on Swift’s services. With this new initiative, Swift intends to expand its connectivity within the digital finance landscape.
Previously, Swift tested the transfer of tokenized value across both public and private blockchains. The organization also explored the interoperability of central bank digital currencies (CBDCs) globally.
The organization has also worked with Web3 firm Chainlink since September 2022. Further, this partnership aims to connect Swift’s network to Ethereum’s Sepolia testnet to offer a single access point for multiple blockchain networks.
This approach expected to simplify access for institutions exploring tokenized assets and the development of CBDCs. Currently, over 130 countries are considering CBDC implementation.
With the upcoming trials, Swift hopes to enable a seamless transition to live real-world digital asset transactions, supporting the broader institutional embrace of blockchain technology.
Highlighted Crypto News Today
OKX Exchange Announces Listing PayPal USD (PYUSD) Stablecoin
