Autor Cointelegraph by Nate Kostar

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Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Standard Chartered and HSBC have completed the first live cross-border transaction on Swift’s blockchain-based ledger, demonstrating interoperability between the banks’ tokenized deposit systems a month after the ledger’s launch.The transaction involved payment messages exchanged between the two through Swift’s ledger, with the resulting obligations recorded on HSBC’s Tokenised Deposit Service and StanChart’s tokenized deposit infrastructure.Swift’s ledger acted as an orchestration layer, matching and netting the obligations between the banks before final settlement through existing payment systems.The transaction follows a July announcement from Swift, the world’s largest financial messaging network, that its blockchain-based ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenized deposits. Other banks in the pilot group Citi, BNP Paribas, BNY, Wells Fargo, UBS, MUFG, DBS and ANZ.The ledger is designed to connect tokenized deposits issued on separate bank infrastructure, enabling 24/7 cross-border payments while retaining existing settlement, compliance and risk controls.Related: Why stablecoins and SWIFT may have to coexistBanks push toward interoperable tokenized depositsBanks are increasingly testing tokenized deposits across institutions and jurisdictions as efforts shift toward interoperability and 24/7 settlement.In November 2025, HSBC said it planned to expand its Tokenised Deposit Service to corporate clients in the US and UAE in the first half of 2026, adding to deployments in Hong Kong, Singapore, the UK and Luxembourg. The bank launched the service in the US in April, offering eligible corporate and institutional clients 24/7 domestic and cross-border transfers using tokenized deposits.Standard Chartered has also participated in broader efforts to test tokenized bank money across institutions. In July, it was among 28 financial institutions and central banks involved in real-value settlement trials under the Bank for International Settlements’ Project Agorá, which settled about $1 million across six currencies using tokenized commercial bank deposits and central bank reserves.Banks are also developing infrastructure specifically intended to connect tokenized deposits across institutions. The Clearing House, a payments operator owned by some of America’s biggest banks, reportedly plans to launch a tokenized deposit network in the first half of 2027, connecting traditional payment rails with digital asset infrastructure for round-the-clock settlement. Magazine: 200,000 fake AI ‘victims’ deployed to scam bait online fraudsters

Interstice Digital has launched a cross-chain swap engine with FalconX connecting the Canton Network with Ethereum, Solana and Robinhood Chain. According to Tuesday’s announcement, the non-custodial engine allows assets to be swapped across the four networks without Interstice taking custody or executing transactions on users’ behalf. FalconX, a digital asset prime brokerage serving institutional investors, provides liquidity for the engine, which is designed to connect Canton’s institutional markets with assets and trading activity on public blockchains, giving users a route between tokenized assets on Canton and liquidity on networks such as Ethereum and Solana.Canton is a public blockchain built for institutional finance, with privacy and permissioning controls designed for regulated transactions and tokenized assets. Its ecosystem includes major financial institutions such as JPMorgan, Goldman Sachs and BNP Paribas.Interstice is a wholly owned subsidiary of Everyrealm and is backed by investors including a16z Crypto, Coinbase Ventures, Galaxy and Brevan Howard. The company did not disclose which assets are initially supported or provide transaction volume figures for the swap engine.Related: FalconX cuts 10% of workforce amid prolonged crypto market slump: ReportCanton expands institutional tokenization activityThe integration comes as more traditional financial institutions use Canton for tokenized assets and blockchain-based settlement.In July, electronic trading platform Tradeweb executed an onchain US Treasury trade in which Franklin Templeton transferred a tokenized Treasury security to Virtu Financial in exchange for tokenized cash.Tradeweb provided execution and price discovery, while Canton synchronized settlement between the two assets in real time. Tradeweb said it was the first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a USDC-backed stablecoin issued on Canton, with other participants including Societe Generale, Digital Asset and Blockdaemon.Societe Generale has also deployed its euro- and dollar-denominated stablecoins on Canton for tokenized collateral, repo financing and institutional settlement, while Visa has tested private stablecoin settlement on the network.Other initiatives include a Japanese government bond collateral pilot involving Mizuho and Nomura and S&P Dow Jones Indices placing its iBoxx US Treasuries Index on Canton.PoC trial for digital collateral management using Japanese government bonds. Source: JPXMagazine: Solana’s fee overhaul increases burn and makes resource hogs pay

Kraken’s payment app, Krak, has launched a multi-asset debit card in the US, allowing customers to spend crypto and fiat while earning up to 2% cashback in dollars or Bitcoin (BTC).The card supports more than 600 currencies and assets, with holdings converted into US dollars at point of sale. A single purchase can draw from multiple balances, with users setting the order in which assets are spent, according to an announcement Tuesday.The card is issued by Lead Bank on Visa’s network and powered by Stripe Issuing, with physical and virtual versions available to eligible US customers. The company said cashback rates depend on average assets held across Krak, Kraken and Kraken Pro.Krak is positioning the card as an alternative to credit-based rewards programs. A Morning Consult survey of 2,001 US adults commissioned by Krak found that 42% of credit card holders worry about paying off their monthly balance, while 60% of respondents said they would switch to a debit card offering rewards without taking on debt.Kraken’s consumer money and payments app has issued more than 135,000 multi-asset cards across the UK and European Economic Area since launching there in December 2025, the company said.Related: Kraken opens Jersey Mike’s IPO to retail investors through tokenized shares and direct allocationsPayward eyes broader financial services pushPayward has set its sights on expanding its financial services product line. Co-CEO of Kraken’s parent company, Arjun Sethi, discussed the broader strategy Tuesday at the Wyoming Blockchain Symposium, including its push into additional asset classes and financial services.“As you start expanding into multiple asset classes, you’re just generally gonna be less susceptible to very specific markets,” Sethi said.He added that Payward now offers banking services and described tokenization as “a large part” of the company’s broader effort to expand its financial offerings. He also compared the company’s ambitions with those of major traditional financial institutions, saying the company needs to build products and services “not too different to a JP Morgan or a financial institution.”Sethi’s comments come as major crypto exchanges broaden their businesses beyond spot crypto trading, with Coinbase and others expanding into equities, derivatives, prediction markets, tokenized assets and pre-IPO products.Separately, Kraken on Tuesday launched trading in more than 7,000 US-listed stocks for customers in the European Economic Area (EEA).Magazine: ‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express