FameEX Hot Topics | Banks to Join SWIFT Digital Asset Trials in 2025

Banks in North America, Europe, and Asia are preparing to join SWIFT’s digital asset trials, set to launch in 2025. SWIFT announced on October 3 that these trials will involve testing transactions with multiple digital currencies and assets. The main objective is to explore how the SWIFT banking network can provide unified access to various digital asset classes and currencies.

The initial use cases for the trials will center on payments, foreign exchange, securities, and trade, aiming to enable multi-ledger delivery-versus-payment and payment-versus-payment transactions. SWIFT highlighted that the rapid growth of unconnected platforms and technologies within the digital asset economy has resulted in a fragmented landscape, creating a "complex web of ‘digital islands.’" This fragmentation, according to SWIFT, poses significant challenges to global adoption.

To address these challenges, SWIFT’s trials will leverage the organization's unique position to link these isolated networks with each other and existing fiat currencies. This approach will enable SWIFT’s global network to seamlessly facilitate transactions using both digital assets and traditional currencies. SWIFT’s chief innovation officer, Tom Zschach, emphasized the importance of developing practical, real-world applications to bridge the gap between emerging digital assets and established forms of value. Zschach stressed that for digital assets and currencies to succeed on a global scale, they must coexist smoothly with traditional money.

In a related initiative, on September 16, SWIFT partnered with the Bank for International Settlements and several central banks in Project Agorá. This project aims to examine how tokenized commercial bank deposits can be integrated with tokenized wholesale central bank digital currencies (CBDCs) on a unified platform. These combined efforts underscore SWIFT's dedication to advancing digital asset capabilities and shaping the future of the global financial system.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.