How Swift’s Shared Ledger Aims to Connect Tokenized and Fiat Payments

Swift CEO Javier Pérez-Tasso used Sibos 2026 to describe a global payments platform intended to move regulated value in both conventional fiat and tokenized forms. The practical first step is narrower: Swift’s shared ledger is being introduced as an additional rail for 24/7 cross-border payments using tokenized bank deposits, connected to existing financial infrastructure rather than replacing it. 2114

What Swift announced at Sibos 2026

Pérez-Tasso framed the direction as bringing traditional and digital finance together: Swift’s platform should be able to support regulated value whether it is fiat or tokenized. That is a broad ambition, not confirmation that every kind of digital asset is already supported. Swift’s stated first use case for the ledger is interoperability between banks’ tokenized deposits for cross-border payments. 2114

Swift said the ledger was live and in use by some large financial institutions, and that it expected at least 19 banks to be using it by the end of 2026. Those figures build on the 17-bank initial group that Swift said was preparing to pilot live transactions earlier in the year. The milestones are different: 17 banks form the initial group, while 19 is a year-end expectation—not a claim that 19 banks already operate a fully scaled global service. 16378

Swift separately says it is working with more than 40 financial institutions on its ledger initiative. That broader figure should not be confused with the initial pilot group or the year-end expectation. 5

How the shared ledger fits with banks’ existing systems

The ledger is designed to work alongside banks’ own ledgers and Swift’s existing infrastructure. Banks can maintain their own records and tokenized deposits while connecting to the shared ledger for the cross-border payment workflow. Swift describes the ledger as an addition to its infrastructure stack, and says the first use case is designed to connect banks’ tokenized deposits. 514

Integration partners have described ways to bridge existing systems to that shared environment. Chainlink says it is enabling banks to connect their systems and transaction-signing infrastructure to Swift’s ledger; Cosmos says it helps connect banks’ core ledgers to EVM and Hyperledger Besu environments, including the one used for Swift’s ledger. These are connectivity roles, not replacements for banks’ own ledgers. 133

The relationship with conventional settlement systems also matters. A report on Swift’s pilot says the ledger can support around-the-clock payment activity while final settlement continues through existing payment rails. That distinction means an always-available payment workflow should not be mistaken for proof that every underlying settlement system will itself operate continuously. 36

What the pilot covers—and what could come later

The initial focus is tokenized deposits: digital representations of bank deposits used in payment workflows. Swift’s July announcement described 17 banks preparing to pilot real-world transactions, with the goal of 24/7 cross-border payments. By Sibos, reports said Swift expected at least 19 banks to use the ledger by year-end, across five major currencies. 37816

Swift has also said it will work with banks on future functions and explore other on-chain settlement assets and use cases. That points to a broader roadmap, but does not mean those additional assets are confirmed for the initial service. 14

Why Swift is also focusing on the “last mile”

A faster interbank transfer does not automatically mean a recipient gets usable funds sooner. Swift has highlighted the final stage of a cross-border payment—the “last mile” to the beneficiary—as an area where consistency and the recipient experience still need attention. Its work on the ledger is therefore part of a wider effort to improve international payments, not a standalone fix for every delay a customer might face. 724

What remains unresolved

The sources describe a direction and an initial use case, not a settled global operating model for every form of digital value. Swift says it plans to explore other on-chain settlement assets, while broader industry discussions identify the legal status of tokens and the liquidity needed for always-on settlement as questions that still require attention. 1411

The distinction between payment initiation, movement of tokenized deposits and final settlement is central. The pilot is intended to enable 24/7 cross-border payment workflows, but available reporting says final settlement may still rely on existing rails. How that arrangement works across different assets, jurisdictions and operating hours will need to become clearer as the service develops. 3611