Swift’s new blockchain-based ledger is designed to help banks move tokenized deposits across borders at any time of day, but institutions cannot connect to it without building or sourcing several additional digital-asset capabilities.
Lamine Brahimi, co-founder and managing partner of custody and tokenization firm Taurus, said banks need three core layers: a permissioned ledger that can interact with Swift’s system, digital-asset wallet functionality, and tools for tokenization and smart contracts. His comments were reported by CoinDesk.
The requirements clarify the role of Swift’s ledger. It is not intended to replace a bank’s internal technology or existing settlement arrangements. Instead, it operates as an orchestration layer between participating institutions, helping coordinate the movement of tokenized deposits while final settlement continues through established systems.
For banks, that means connecting to Swift’s network involves more than adopting a new messaging or payment interface. They must also be able to hold and manage tokenized deposits, control the associated digital assets and use the smart contracts that support transactions on the ledger.
How Swift’s system is being tested
Swift said in July that 17 banks were preparing live transactions involving tokenized deposits. The initiative represents a move into blockchain-based payment infrastructure for an organization whose traditional messaging network has been central to global finance since the 1970s. The source material says Swift’s existing system currently supports money movements of up to $1.5 quadrillion a year.
HSBC and Standard Chartered completed the first live interbank transaction on the new ledger in August. DBS and Citi subsequently carried out a cross-border dollar payment over a weekend. The transaction settled in minutes rather than taking as long as two business days, demonstrating the potential benefit of a system designed to operate around the clock.
Tokenized deposits are digital representations of bank deposits. Swift’s model keeps those deposits on the issuing banks’ balance sheets, distinguishing them from stablecoins, which are issued outside the banking system. The approach allows banks to explore blockchain-based transfers while continuing to use their existing institutional structures.
Infrastructure remains a practical requirement
Brahimi said the need for additional technology should not be interpreted as a design weakness or as evidence that Swift’s model cannot scale. Banks that already issue digital assets or manage them may have much of the required infrastructure in place. For other institutions, the need to establish these capabilities could make participation more complex.
Taurus announced its integration with Swift in August. Brahimi said the company can provide the three required layers through a single platform: a permissioned ledger, wallet-management tools, and software for tokenization and smart contracts. He added that competing approaches may require banks to combine products from multiple vendors.
The infrastructure issue also helps explain why tokenized deposits have so far remained mainly an institutional product. Banks have operated internal tokenized-deposit systems for years, but transfers between separate institutions require compatible technology and shared standards on both sides. Before Swift’s announcement, Brahimi said tokenized deposits were used only sparingly, largely by very large banks such as JPMorgan because of their global scale.
Swift’s ledger is therefore positioned as an additional route for payments rather than a complete replacement for current rails. Banks can retain their existing arrangements while gaining a standardized way to coordinate tokenized-deposit payments that can operate 24 hours a day, including weekends.
Current market picture
Moneyiar market data at 09:08-09:09 on October 8, 2026, showed declines across the four listed assets:
- Lighter (LIT): $3.607710288, down 3.04% over 24 hours and 9.84% over seven days.
- dogwifhat (WIF): $0.2258987227, down 2.35% over 24 hours and 8.77% over seven days.
- OriginTrail (TRAC): $0.4004018922, down 0.85% over 24 hours and 17.61% over seven days.
- Cap (CAP): $0.0718785592, down 17.69% over 24 hours and 3.18% over seven days.
These market figures cover separate digital assets and do not measure activity on Swift’s ledger. The Swift initiative concerns bank-issued tokenized deposits and institutional payment infrastructure, rather than the trading performance of the assets listed above.
