SWIFT Blockchain Ledger Completes First Real-Time Transaction, Settling in Seconds

iconKuCoinFlash
Share
This is the logo of the coin.
USDT
----
This is the logo of the coin.
BTC
$78,467.900.4%
This is the logo of the coin.
ETH
$2,474.160.86%
AI summary iconSummary
SWIFT’s blockchain upgrade enabled its first real-time transaction, settling in seconds. HSBC and Standard Chartered executed the test through the new system. This blockchain development represents a direct challenge to stablecoins and tokenized payments. SWIFT processes $5 trillion in cross-border transactions daily. BNY anticipates the stablecoin and tokenized cash market reaching $3.7 trillion by 2030. Citigroup forecasts $5.5 trillion in tokenized securities within the same timeframe.

Odaily Planet Daily reports that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) currently routes approximately $5 trillion in cross-border transactions daily, serving around 11,500 institutions across 200 countries and regions. However, the cost per transaction remains around 1% to 4%, and settlement typically takes 1 to 5 business days. In response to competition from stablecoins, tokenized deposits, and blockchain-based payments in terms of speed and cost, SWIFT launched a blockchain ledger last month; HSBC and Standard Chartered subsequently completed the first real-time transaction on this system, reducing settlement time to seconds. BNY Mellon estimates that the market size for stablecoins and tokenized cash could reach $3.7 trillion by 2030; Citigroup projects that the market size for tokenized securities could grow to $5.5 trillion during the same period.

Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.