SWIFT to Begin 2025 Digital Currency Trials with Global Banks, Focusing on Payments and Trade

Oct 3, 2024, 09:39 AM

SWIFT, the global bank messaging network, announced that it will begin trialing live transactions of digital currencies and tokenized assets starting in 2025. Commercial and central banks in North America, Europe, and Asia will participate in these trials. The initiative aims to enable banks to conduct real-money digital asset transfers, focusing on payments, currency exchange, and trade, thereby advancing institutional blockchain adoption. Around 90% of the world's central banks are also testing central bank digital currencies (CBDCs). The trials will address the need for tokenized deposits or wholesale CBDCs to successfully trade and settle tokenized bond transactions, marking a significant step toward integrating digital assets and currencies into traditional banking systems.