SWIFT has moved a blockchain-based shared ledger into an initial operating phase and is preparing real-transaction pilots with 17 global banks across six continents using tokenised deposits. The structure links tokenised deposits issued by participating banks on a common foundation while continuing to use the existing SWIFT network. The project aims to enable 24-hour, year-round fund transfers, with final settlement maintained through existing financial systems. SWIFT targets completing real transactions in the second half of 2026.

Agustin Carstens, former general manager of the Bank for International Settlements, has eased his stance on stablecoins and publicly mentioned the possibility of their coexistence with fiat money. Speaking at the Point Zero Forum, he said stablecoins could contribute to financial innovation, inclusion and lower costs, and called for conditions enabling coexistence. Analysts say the BIS stance has not changed, as it continues to warn of trust and stability risks.