Swift’s blockchain ledger progresses to MVP implementation

Steady attention without excessive speculation.

How Swift’s Blockchain Partnership With Consensys Began

Swift has been exploring distributed ledger technology since 2022 through multiple proof-of-concept trials focused on digital asset interoperability, CBDC connectivity, and tokenized asset settlement. These early experiments positioned Swift as a bridge between traditional finance and on-chain systems while keeping its core role as a secure messaging layer rather than a settlement system.

In September 2025, Swift made a landmark announcement to integrate a blockchain-based shared ledger directly into its infrastructure stack. Developed in partnership with Consensys and a coalition of more than 30 major global banks from 16 countries, the project was designed to enable instant 24/7 cross-border payments using regulated tokenized value and smart contracts. The initiative has now advanced from the conceptual prototype and design phase into active MVP implementation.

Key Unknowns: Tech Stack, Timeline, and Regulatory Approvals

Swift has not yet disclosed the exact blockchain technology stack being used in the MVP, whether the ledger will be permissioned or partially public, or any firm timeline for moving from MVP testing to full production rollout across its 11,000-member network.

Longer-term questions also remain around how the new shared ledger will coexist with Swift’s traditional messaging system, what transaction fees or governance model will apply, and whether the project will require additional regulatory approvals in major jurisdictions before live tokenized payments can scale globally.

Next Steps for Swift’s Tokenized Payment Rollout

• MVP testing timeline and results: Watch for the exact schedule of live pilot testing with the 30 participating banks and the first tokenized cross-border transactions on the shared ledger.
• Bank adoption progress: Track how many of the 30+ global banks actually onboard to the MVP and begin running real 24/7 tokenized payments in production.
• Regulatory and compliance updates: Any formal approvals, feedback, or adjustments required from central banks and regulators as the MVP moves toward broader rollout.
• Impact on cross-border volumes: Early data showing whether the new ledger reduces settlement times and costs compared to today’s Swift messaging system.