Original sourceCrypto.news
Summary
On July 9, SWIFT, together with 17 major banks, launched a shared ledger based on Hyperledger Besu, enabling round-the-clock cross-border payments using tokenized deposits. The system runs on existing banking networks without replacing the correspondent banking model, but eliminates settlement dela…
Key points
- Demonstrates how traditional financial infrastructure can achieve blockchain settlement efficiency without leaving the regulatory framework
- SWIFT's solution could become a standardized approach for central and commercial banks to tackle the stablecoin challenge, shaping the future design of monetary systems
- Banks may prefer using SWIFT's tokenized deposits over third-party stablecoins for cross-border settlement, thereby squeezing non-bank stablecoins' space in wholesale payments
Editorial note
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