Swift announced on September 11 the launch of a global infrastructure initiative designed to simplify the transfer of tokenized assets and allow members to trade traditional and emerging assets, including cryptocurrencies, using the Swift network. The initiative will test multi-ledger delivery-to-delivery (DvP) and payment-to-payment (PvP) transactions and is expected to enable real-time payments and exchange of tokenized assets.
Swift's move focuses on the global trading of real-world assets (RWAs), which are expected to reach $30 trillion by 2034. Swift noted that the global tokenized asset industry faces interoperability issues, leading to efforts by different RWAs to become digital silos, mainly due to the lack of a globally unified form of digital currency.
Tom Zschach, chief innovation officer at Swift, said that digital currencies and tokens have great potential, but it will take different methods to be able to interconnect to unlock this potential. Swift plans to initially use fiat currencies, and in the future will expand to central bank digital currencies (CBDCs), tokenized commercial bank currencies and stablecoins. Swift also said that it has achieved success in the value transfer test of tokenized assets, which aims to provide a single payment infrastructure for tokenized assets and solve the problem of integrating different digital assets with the banking network.
Swift Launches Global Infrastructure to Simplify Tokenized Asset Transfers
2024-09-11 22:53:31
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