SWIFT, the global financial messaging backbone serving thousands of banks, has launched a dedicated blockchain registry to support a pilot program tokenizing bank deposits across 17 major banks. The initiative marks a significant step in bringing real-world assets (RWA) into blockchain infrastructure through established financial institutions.
The pilot leverages SWIFT's new blockchain-based registry to manage tokenized deposit instruments, enabling participating banks to test interoperability and settlement mechanisms on distributed ledger technology. By engaging major financial institutions directly, SWIFT aims to validate use cases for tokenized banking products while maintaining compliance with existing regulatory frameworks.
The move positions SWIFT as a bridge between traditional finance and blockchain infrastructure, rather than a disruptor. The bank deposit tokenization pilot addresses a critical need in the RWA sector: demonstrating that institutional-grade financial assets can operate efficiently on blockchain networks while maintaining the oversight standards required by regulators and market participants.