The messaging giant, which connects more than 11,500 financial institutions across more than 200 countries and territories, said the ledger was designed and built in nine months following its September 2025 announcement. That original design phase drew participation from more than 30 financial institutions globally. For related coverage, see Ripple-Backed t54.ai Launches XRP Ledger AI Hub.
How the Shared Ledger Works
The shared ledger uses an EVM-compatible architecture based on Hyperledger Besu, according to SWIFT. It lets participating banks move tokenised deposits around the clock, including overnight and on weekends, before final settlement occurs through existing payment infrastructure. For related coverage, see BNB Chain Plans New Layer 1 Blockchain for Agentic Trading.
Thierry Chilosi, who leads SWIFT’s digital assets work, said the system “allows tokenised value to move across borders with the velocity and flexibility modern commerce expects.” For related coverage, see Strike Launches Bitcoin-Backed Loans With No Scheduled Liquidations.
“It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects.”
— Thierry Chilosi, SWIFT (source)
The design preserves existing compliance, credit, risk, and control standards, positioning the ledger as an extension of current banking infrastructure rather than a replacement. SWIFT already reports that 75% of payments on its network reach beneficiary banks within 10 minutes.
Why 17 Banks Across Six Continents Matter
The 17-bank pilot cohort includes major institutions such as HSBC, UBS, Wells Fargo, and Citi. The geographic spread across six continents signals that SWIFT is framing this as a global coordination effort rather than a narrow regional test.
UBS noted that interoperability is essential to scale tokenised deposits across institutions and broader digital-asset use cases. That emphasis on interoperability aligns with SWIFT’s broader strategy of connecting fragmented blockchain networks through its existing messaging layer.
The pilot narrows from the 30-plus institutions that joined the September 2025 design cohort to 17 banks that will handle live transactions. This phased approach mirrors how SWIFT typically rolls out infrastructure upgrades, starting with a controlled group before expanding access.
The nine-month build timeline, from announcement to production-ready ledger, is notably compressed for financial infrastructure of this scale.
What This Means for Blockchain-Based Settlement
The launch arrives as institutional interest in tokenised financial instruments continues to grow. Stablecoin volume hit a record $1.79 trillion in June 2026, reflecting broader momentum behind on-chain settlement infrastructure.
SWIFT’s approach differs from most blockchain settlement projects in a key way: final settlement still runs through existing payment rails. The shared ledger handles the pre-settlement movement of tokenised deposits, adding speed and weekend availability without requiring banks to abandon their current systems.
That incremental design may prove more practical than wholesale replacements. As earlier reporting on SWIFT’s blockchain plans noted, the organisation has consistently positioned its digital-asset work as an extension of existing infrastructure rather than a competing network.
The pilot keeps compliance and risk controls intact, which addresses a persistent concern among regulators about blockchain-based financial services. Banks in the cohort will use tokenised deposits, a regulated instrument, rather than native crypto tokens or stablecoins.
Whether the 17-bank pilot leads to broader adoption across SWIFT’s 11,500-institution network depends on how the initial live transactions perform. The next milestone will be production results from the pilot cohort, which SWIFT has not yet given a public timeline for.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
