Swift

Canada’s largest banks are exploring a shared Canadian-dollar tokenized deposit system aimed at faster interbank money movement. The initiative begins with transfers across participating institutions and could later connect with broader digital asset infrastructure.

Swift is moving blockchain capabilities into its global financial messaging network as stablecoins and tokenized deposits push cross-border payments toward faster, cheaper and always-on settlement. Banks and crypto payment executives remain divided over whether shared ledgers will strengthen Swift’s role or eventually make parts of its legacy infrastructure redundant.

Swift’s blockchain settlement expansion and Stripe’s proposed PayPal bid highlight a new phase in the fight over global payment infrastructure. The focus is shifting from proving stablecoin technology to controlling wallets, merchant acceptance and settlement rails.

Swift is preparing live transaction tests for a blockchain-based shared ledger with 17 major banks, including HSBC, UBS, Wells Fargo and Citi. The platform is designed to support tokenized deposits and regulated digital money while keeping final settlement connected to existing payment rails.

Chainlink has joined Project Pangea, a banking coalition focused on real-time stablecoin settlement for cross-border foreign exchange trades. The initiative aims to reduce settlement risk and preserve existing Swift and ISO 20022 workflows.