Digital asset infrastructure provider Taurus has successfully integrated its tokenization and custody platforms with Swift’s blockchain-based ledger, allowing clients to connect their existing digital asset infrastructure for payments using bank-issued tokenized deposits.
Taurus announced on Wednesday that the first client integrations are set to go live within days, with the first distributed ledger technology transactions expected to be facilitated through its platforms in the coming weeks.
Swift revealed in July that the ledger was ready for initial use, with 17 banks across six continents gearing up to pilot live transactions using tokenized deposits. Notably, Standard Chartered and HSBC have already completed the ledger’s first live cross-border transaction by linking their respective tokenized deposit systems.
The international payments network’s ledger functions as an orchestration layer for seamless round-the-clock cross-border payments utilizing tokenized deposits on participating banks’ balance sheets. It streamlines transfers between institutions before final settlement through existing arrangements, such as real-time gross settlement systems.
