Swift Expands Services to Include Digital Assets for Real-Time Cross-Border Payments
Swift, the global messaging hub for cross-border payments, is expanding its services to include digital assets. The move comes as fiat-based stablecoins like Tether (USDT) and USD Coin (USDC) gain traction for their security and real-time capabilities in international transactions.
Swift aims to create a shared digital ledger that can interact with existing blockchains supporting stablecoins, tokenized deposits, and central bank digital currency (CBDC) transactions. This interoperable platform will enable real-time cross-border payments, with smart contracts enforcing compliance.
The global financial messaging provider plans to launch a blockchain-based solution incorporating digital assets. It hopes to maintain its prominent role in the ecosystem by partnering with major banks like HSBC, Deutsche Bank, and JPMorgan Chase for continued innovation. However, specific details about the banks involved in developing this solution are not yet available.
Swift's expansion into digital assets seeks to leverage its established network and address the challenges of cross-border payments. As the landscape becomes crowded with competitors like PayPal, Circle, Visa, and various banks developing their own digital assets solutions, Swift aims to connect with, rather than compete against, stablecoins and existing blockchains.
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