SWIFT launches a new blockchain ledger designed to support a pilot involving tokenized bank deposits for cross-border payments. Multiple outlets report that 17 major global banks are participating in the initial effort, which aims to enable faster settlement and support 24/7 banking operations. The pilot uses tokenized digital assets tied to bank deposits, managed through SWIFT’s blockchain-based infrastructure rather than through traditional account-based rails. CoinDesk and The Block describe the participating banks as “global giants” preparing for live transaction testing, while Cointelegraph specifies the ledger is meant to host the tokenized deposit pilot for those banks. Reported institutions include HSBC, UBS, Wells Fargo, and Citi among the 17. Across the coverage, the common focus is on enabling continuous (24/7) cross-border payment capability through the ledger, with banks preparing to test transactions using tokenized deposit instruments. The articles do not provide further details on timeline, scale of transactions, or commercial rollout beyond the pilot phase.