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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, mentioned in press launch.
”We’re paving the way in which for monetary establishments to take the funds expertise to the following degree with Swift’s confirmed and trusted platform on the centre of the business’s digital transformation,” mentioned CEO Javier Pérez-Tasso.
The system may have ”parallel tracks of innovation to improve the expertise over present ‘fiat’ rails, in addition to to prepared the business for digital finance,” he mentioned.
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 good contracts, the agency mentioned.
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 line with the press launch.
They embody Financial institution of America, BNY, Deutsche Financial institution, JP Morgan Chase, Normal Chartered, and Wells Fargo.
Group of banks engaged on Swift answer design (Supply: Businesswire)
Swift Has Monopolized TradFi, Appears To Develop Attain To Blockchain House
Swift doesn’t really transfer cash, however acts extra as a messaging layer between banks throughout the globe. That is meant to cut 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 minimize 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 mentioned “sanctions that restrict entry to this community have develop into significantly expensive for sanctioned entities.”
With its blockchain answer, Swift now seeks to broaden its affect to the distributed ledger ecosystem.
As a landmark second for the worldwide monetary system and blockchain business alike, Swift introduced at Sibos 2025 it’s launching a brand new blockchain-based ledger: https://t.co/lHUHsjoxJE
We congratulate our accomplice Swift and the broader Swift neighborhood on adopting blockchains and… pic.twitter.com/GSqGSYrwGk
— Chainlink (@chainlink) September 29, 2025
The newest announcement of a blockchain-powered answer 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 mentioned that Swift was contemplating launching its personal stablecoin, however didn’t specify which community the product could be deployed on.
Swift has additionally not talked about which blockchain the brand new settlement layer shall be constructed on. Nevertheless, the involvement of Consensys suggests it could be Ethereum.
Ethereum is at the moment the main blockchain community when it comes to Complete Worth Locked (TVL) out there. Knowledge from DefiLlama reveals that $87.47 billion is locked on the Ethereum blockchain, which equates to round 68.02% of the worth throughout the totally different networks out there.
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 will not 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. Nevertheless, 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. This is the reason it believes that it could actually present a messaging layer for a blockchain-based monetary system.
Later that very same yr, in November, Swift additionally supplied its world monetary messaging community to combine tokenized fund processes with present fiat cost methods. 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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