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Swift is creating a blockchain-based ledger to allow real-time, 24/7 cross-border funds, with Ethereum ecosystem developer Consensys constructing the preliminary prototype.
The answer is a part of an effort to allow cross-border funds at “unprecedented scale,” the Society for Worldwide Interbank Monetary Telecommunication, or Swift, stated in press launch.
”We’re paving the way in which for monetary establishments to take the funds expertise to the following stage with Swift’s confirmed and trusted platform on the centre of the trade’s digital transformation,” stated CEO Javier Pérez-Tasso.
The system could have ”parallel tracks of innovation to improve the expertise over present ‘fiat’ rails, in addition to to prepared the trade for digital finance,” he stated.
The corporate expects the ledger, a safe, real-time log of transactions between monetary establishments, will file, sequence and validate transactions and implement guidelines by means of sensible contracts, the agency stated.
Consensys And Main Banks Collaborate With Swift
Consensys has been tasked with creating the conceptual prototype of the blockchain-powered settlement layer. The corporate is well-known for creating the favored Web3 pockets MetaMask, in addition to a number of different merchandise throughout the Ethereum ecosystem.
Together with Consensys, Monetary establishments from 16 international locations are additionally offering Swift (which stands for Society for Worldwide Interbank Monetary Telecommunication) with suggestions on the design of the system, in accordance with the press launch.
They embody Financial institution of America, BNY, Deutsche Financial institution, JP Morgan Chase, Customary Chartered, and Wells Fargo.
Group of banks engaged on Swift resolution design (Supply: Businesswire)
Swift Has Monopolized TradFi, Seems To Increase Attain To Blockchain Area
Swift doesn’t truly transfer cash, however acts extra as a messaging layer between banks throughout the globe. That is meant to scale back errors and fraud threat.
With over 11,500 establishments from over 200 international locations plugged into its interbank messaging system, exclusion the Swift system can successfully reduce a rustic or financial institution from the worldwide monetary system.
A report from the US Federal Reserve Financial institution of New York highlighted SWIF’s energy, and stated “sanctions that restrict entry to this community have develop into notably pricey for sanctioned entities.”
With its blockchain resolution, Swift now seeks to broaden its affect to the distributed ledger ecosystem.
As a landmark second for the worldwide monetary system and blockchain trade alike, Swift introduced at Sibos 2025 it’s launching a brand new blockchain-based ledger: https://t.co/lHUHsjoxJE
We congratulate our associate Swift and the broader Swift neighborhood on adopting blockchains and… pic.twitter.com/GSqGSYrwGk
— Chainlink (@chainlink) September 29, 2025
The most recent announcement of a blockchain-powered resolution follows a report from final week that Swift had began testing on-chain funds and messaging utilizing Ethereum’s layer-2 community Linea.
The report additionally stated that Swift was contemplating launching its personal stablecoin, however didn’t specify which community the product can be deployed on.
Swift has additionally not talked about which blockchain the brand new settlement layer will probably be constructed on. Nonetheless, the involvement of Consensys suggests it might be Ethereum.
Ethereum is at the moment the main blockchain community by way of Whole Worth Locked (TVL) available in the market. Information from DefiLlama exhibits that $87.47 billion is locked on the Ethereum blockchain, which equates to round 68.02% of the worth throughout the totally different networks available in the market.
TVL throughout blockchains (Supply: DefiLlama)
Ethereum additionally has a 53.55% share of the stablecoin market, which has a capitalization of $294.856 billion.
Not Swift’s First Blockchain Transfer
Swift’s blockchain collaboration with Consensys shouldn’t be the corporate’s first transfer into distributed ledger expertise.
In March final yr, the corporate acknowledged the worth of tokenization and the blockchain mannequin. Nonetheless, Swift argued that these shared ledgers will not be “well-suited to carrying and storing excessive volumes of information” due to the way in which information is synchronized throughout nodes. That is why it believes that it may present a messaging layer for a blockchain-based monetary system.
Later that very same yr, in November, Swift additionally supplied its international monetary messaging community to combine tokenized fund processes with present fiat cost techniques. The initiative was carried out with the assistance of UBS Asset Administration and the blockchain oracle community Chainlink.
In late 2024, Swift additionally introduced that banks in North America, Europe, and Asia would begin digital asset trials on its community.
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