Digital asset infrastructure provider Taurus has recently announced the integration of its tokenization and custody platforms with Swift’s blockchain-based ledger.
According to Taurus, clients can now link their current digital asset infrastructure to the ledger for making payments using bank-issued tokenized deposits.
The initial client integrations are set to launch in the coming days, with the first distributed ledger technology transactions through its platforms anticipated in the following weeks.
Swift revealed in July that the ledger was operational, with 17 banks globally gearing up to conduct live transactions using tokenized deposits. Notably, Standard Chartered and HSBC have successfully executed the ledger’s first live cross-border transaction, connecting their respective tokenized deposit systems.
The ledger by the international payments network acts as a coordination layer for seamless round-the-clock cross-border payments utilizing tokenized deposits on participating banks’ balance sheets. It manages transfers between institutions before the final settlement via existing mechanisms, including real-time gross settlement systems.