The world’s leading interbank network, SWIFT, has officially announced the launch of its own blockchain-based platform, signaling one of the most significant transformations in modern finance. This new shared ledger system will allow banks to settle transactions through stablecoins and tokenized assets across multiple blockchains — operating seamlessly 24/7 without the delays and intermediaries that have long defined cross-border banking.
This move represents a radical shift for SWIFT — from serving as a messaging intermediary to becoming a direct participant in digital financial transactions. With over 11,500 banks in more than 200 countries, SWIFT’s transition marks a milestone for the global financial ecosystem. More than 30 major financial institutions, including JPMorgan, HSBC, Bank of America, and Deutsche Bank, are already participating in the pilot project. The blockchain infrastructure is being developed in partnership with Consensys, the company founded by Ethereum co-creator Joseph Lubin.
According to Noelle Acheson, a leading analyst at CoinDesk and Genesis Trading, this marks a major evolution in SWIFT’s business model. “SWIFT is adapting to counter disintermediation brought by blockchain. Traditionally, it didn’t transfer value, only messages. On-chain, those two are one and the same,” she explained.
SWIFT has been experimenting with blockchain since 2017, testing integrations with Chainlink, Clearstream, SETL, and even central bank digital currencies (CBDCs). However, the timing of this launch is critical. The global financial landscape is rapidly embracing tokenization, as banks and fintechs seek secure and compliant gateways into the world of digital assets. Recently, major European banks announced plans to issue their own stablecoin, while Visa revealed a new initiative to enable crypto-based payments.
Industry experts believe SWIFT’s entry could bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi). Barry O’Sullivan, Head of Banking at OpenPayd, commented: “Stablecoins are already being used in global settlements. Banks can’t ignore it anymore. SWIFT’s participation will dramatically simplify integration and speed up the adoption of digital assets in traditional banking systems.”
David Duong, Head of Institutional Research at Coinbase, called the initiative a watershed moment for the financial world. He emphasized that a shared blockchain infrastructure could reduce costs, standardize processes, and accelerate the formation of a global network for tokenized assets.
Still, not everyone is convinced that SWIFT’s blockchain will remain neutral. Critics point out the organization’s involvement in Western sanctions, which has already raised concerns among non-aligned countries. Others argue that even with this innovation, financial fragmentation will persist, as private stablecoins, CBDCs, and regional digital payment systems will continue to coexist.
In the short term, SWIFT expects a gradual onboarding of banks once clear regulatory frameworks are established. Over the long term, its goal is to create a universal standard for digital settlements, one that could fundamentally reshape the architecture of global finance and establish SWIFT as the backbone of the tokenized economy.
