Faster to facilitate the adoption of digital assets on the network
SWIFT has announced plans to streamline the adoption of digital assets, including regulated stablecoins. The growth of the real world assets (RWA) market, CBCCs and Statcoins are the main reasons for SWIFT's initiative in the blockchain space.
Swift, the financial messaging network that powers the global payment system, is working to accept a wider range of digital assets and currencies. This includes the use of regulated crypto assets.
According to SWIFT, the goal is to enable network members to access their SWIFT connections for transactions using both traditional currencies and digital assets.
Digital assets controlled by quick eyes
The announcement on Sept. 11 came after Swift said it would move to the next phase of the initiative after a series of pilot programs. Collaboration with blockchain and crypto platforms has one notable collaboration involving Chainlink as part of the process.
Swift has seen a lot of activity amid speculation of fierce competition from blockchain alternatives. Testing alternative platforms has seen Swift look to open up token benefits to its members.
We're paving the way for real-world solutions that enable our members to dynamically exchange #digitalassets and currencies on the SWIFT network.
👉 Find out what's next on this exciting journey: #creative pic.twitter.com/SPn0caIHgJ
— Swift (@swiftcommunity) September 11, 2024
Swift's blockchain interoperability experiments describe how the network's infrastructure can facilitate tokenized transfers of value on both public and private blockchains.
Real-world assets, SWIFT has seen key collaborations in the central bank digital currency space. These sectors, which have grown in the explosion of stablecoin usage, believe the interbank messaging provider can work on real-world solutions for its members.
Forecasts for the RWA market
Various forecasts for the industry, including Standard Chartered and Synpulse's estimate that the RWA market will reach $30 trillion by 2034, further add to this view.
SWIFT aims to connect traditional and emerging digital assets amid the development of tokenization. He says this is a multi-lead delivery — with and without payment — solution to real-world transactions with payments.
At launch, both DvP and PvP aim to allow instant purchases and exchange of tokenized assets.
