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A live transaction on Swift's blockchain ledger has connected Standard Chartered's and HSBC's separate tokenized deposit systems for the first time.
The banks describe the execution as a step toward interoperable, 24/7 cross-border settlement. Standard Chartered and HSBC each run independent tokenized deposit systems.
Swift's ledger connected them as a shared intermediary, rather than through a direct bank-to-bank integration.
That routing is the interoperability architecture: a single connection to Swift can in principle serve where a custom bilateral bridge would otherwise be built.
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