SWIFT has taken its first concrete step into blockchain-based settlement. Last month it launched a new ledger, and HSBC and Standard Chartered have already completed the first real-time transaction on the system — cutting cross-border settlement from the usual one to five business days to seconds. The network routes about $5 trillion in cross-border payments each day, connecting 11,500 institutions across roughly 200 countries and territories, yet per-transaction costs still run around 1% to 4%. Stablecoins, tokenized deposits, and blockchain payment rails compete with SWIFT on exactly those fronts — speed and cost — and the new ledger is SWIFT's answer. BNY projects the market for stablecoins and tokenized cash could reach $3.7 trillion by 2030, while Citi expects tokenized securities to grow to $5.5 trillion over the same period.
SWIFT launched a blockchain-based ledger last month, and HSBC and Standard Chartered have already processed the first real-time transaction on it — cutting settlement from the usual one to five business days to seconds.
$5 trillion in daily volume, at 1%-4% per transaction
The interbank network currently routes about $5 trillion in cross-border settlements every day, linking 11,500 institutions across roughly 200 countries and territories. The scale is enormous, yet per-transaction costs still hover around 1% to 4%, and settlement typically takes one to five business days.
Stablecoins and tokenized assets close in
Stablecoins, tokenized deposits, and blockchain payment rails are competing with SWIFT on both speed and cost. The new ledger is the network's answer to that pressure. BNY projects the stablecoin and tokenized cash market could reach $3.7 trillion by 2030; Citi expects tokenized securities to grow to $5.5 trillion over the same period.
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