SWIFT to Begin Live Trials of Digital Asset Transactions Next Year, Full Rollout in 2025

Oct 3, 2024, 12:25 PM

Global bank messaging network SWIFT announced it will begin trialing live transactions of tokenized assets and digital currencies starting next year, with a full rollout in 2025. This initiative will involve commercial and central banks worldwide, including institutions in North America, Europe, and Asia. Around 90% of the world's central banks are also testing CBDCs. The trials aim to enable banks to conduct real-money digital asset transfers and advance institutional blockchain adoption. The move marks a significant step in integrating digital currencies into the traditional financial system. SWIFT's previous experiments with web3 services firm Chainlink, which successfully connected its network to Ethereum, demonstrated the feasibility of cross-chain tokenized asset transfers, involving institutions like BNP Paribas and BNY Mellon.