Swift Launches Global Infrastructure to Streamline the Transfer of Tokenized Assets
Publication Time:2024-09-12 06:56:10
Global financial communications network Swift has unveiled a global infrastructure program designed to simplify the transfer of tokenized assets. This initiative aims to enable members to trade both traditional and emerging assets, including cryptocurrencies, through Swift's network, thereby streamlining the process. The plan involves testing multi-ledger delivery-versus-payment (DvP) and payment-versus-payment (PvP) transactions, which are expected to facilitate real-time payments and tokenized asset exchanges. The focus is on global trading of Real World Assets (RWAs), with projections indicating a market size of $3 trillion by 2034. Swift addresses one of the industry's challenges in the global tokenized assets sector: interoperability issues causing digital isolation among different RWA projects due to a lack of a unified global digital currency form. Swift's Chief Innovation Officer, Tom Zschach, underscores that cryptocurrencies and tokens possess substantial potential but require a distinct method to achieve connectivity, unlocking their potential. Swift intends to start with fiat currencies, with future plans to expand into Central Bank Digital Currencies (CBDCs), tokenized commercial bank money, and stablecoins. Swift has successfully conducted tests on the value transfer of tokenized assets, with the objective of providing a unified payment infrastructure to resolve the integration challenges between diverse digital assets and banking networks.
Cryptocurrency
tokenized assets
Real-world Assets
SWIFT
global infrastructure