SWIFT to test digital asset transactions

[Man]

From 2025, banks in North America, Europe, and Asia will begin testing digital asset transactions via the SWIFT network.

The pilot project will explore the ability of financial institutions to conduct transactions with cryptocurrencies, tokenized products, and CBDCs on multiple blockchains using a connection to the payment platform.

Swift’s previous experiments have shown that its network can solve one of the key problems in the digital asset space — fragmentation, the press release says.

Regarding the scale of the market, the company noted that 134 countries are studying CBDCs, and the tokenized asset market, according to Standard Chartered and Synpulse, will grow to $30 trillion by 2034. According to a survey by Celent and BNY Mellon, 91% of institutional investors expressed interest in the segment.

“For digital assets and currencies to succeed on a global scale, it is critical that they coexist seamlessly with traditional forms of money. With our vast global reach, we are in a unique position to connect both new and established forms of value, and we are focused on demonstrating this in real-world, mass-market applications,” said Swift Chief Innovation Officer Tom Zschach.