In a new leap towards global blockchain adoption, Swift has announced that it is trialling the transfer of tokenised assets on Ethereum. The move is a direct response to the escalating digitised demands of global finance with Swift aiming to bolster efficiency, transparency, and costs for customers by embracing distributed ledger technology.
The initial phase will see Swift explore token transfers between the Ethereum mainnet, the Sepolia testnet, and a custom permissioned blockchain before piloting on other smart contract blockchains.
More than a dozen financial institutions – including Citi, BNY Mellon, and BNP Paribas – will participate in the initiative with Swift. Major banks are increasingly conscious of the investment cases tied to tokenised assets and are eager to bridge existing financial infrastructure with blockchains.