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

Banks across North America, Europe, and Asia are preparing to participate in SWIFT’s digital asset trials, set to begin in 2025. SWIFT announced on October 3 that these trials will experiment with transactions involving multiple digital currencies and assets. The goal is to explore how SWIFT’s banking network can provide unified access to a range of digital asset classes and currencies.

Initial use cases will focus on payments, foreign exchange, securities, and trade, enabling multi-ledger delivery-versus-payment and payment-versus-payment transactions. In its announcement, SWIFT pointed out that the rapid growth of unconnected platforms and technologies in the digital asset space has created a fragmented landscape. This fragmentation presents obstacles to global adoption, as it leads to a "complex web of ‘digital islands.’"

SWIFT’s trials will use the organization's unique position to connect these isolated networks and integrate them with existing fiat currencies. This integration will enable seamless transactions using digital assets and traditional forms of value across its global network. According to SWIFT’s chief innovation officer, Tom Zschach, the focus is on developing practical, real-world applications that bridge the gap between emerging digital assets and established forms of value. He emphasized that for digital assets and currencies to succeed globally, they must coexist with traditional money in a seamless manner.

On September 16, SWIFT also joined the Bank for International Settlements and a group of central banks in Project Agorá, which explores tokenization. This project aims to discover how tokenized commercial bank deposits can be integrated with tokenized wholesale central bank digital currencies (CBDCs) on a single platform, further advancing digital asset capabilities within the financial system. These initiatives reflect SWIFT’s commitment to innovating in the evolving digital asset landscape.

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