SWIFT has introduced a new blockchain ledger designed to support a pilot program involving tokenized bank deposits. This initiative includes 17 major banks aiming to accelerate cross-border payments, according to CoinTelegraph.
The pilot leverages blockchain technology to enhance the efficiency and speed of international fund transfers, marking a significant move by SWIFT into the crypto space. By tokenizing deposits, participating banks hope to reduce the traditional delays and costs associated with cross-border transactions.
For Japanese markets, where cross-border trade and investment are vital, advancements like this could streamline foreign exchange settlements and support the broader adoption of digital finance solutions.