Central and commercial banks have revealed that they will be able to use the Swift network for trial transactions related to digital currencies and assets. Swift to be used worldwide Banks throughout North America, Europe, and Asia are set to use Swift connectivity to carry out live trials of digital assets and currency.

These trials are a result of collaborative efforts with numerous financial institutions that have showcased Swift's capability to integrate various digital networks, technologies, and asset classes.Swift has proven its capability to transfer tokenized value across both public and private blockchains, connect CBDCs on a global scale, and integrate various networks of digital assets and cash. Trials include DvP and PvP transactions The upcoming trials aim to investigate how Swift can offer its network of financial institutions a unified access point to various digital asset classes and currencies, facilitating their integration into the broader financial ecosystem. The initial use cases will concentrate on payments, foreign exchange, securities, and trade, enabling multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions.

Recent industry statistics indicate that 134 countries are actively investigating CBDCs, while the tokenized asset market is expected to hit USD 16 trillion by 2030. However, the swift expansion of disconnected platforms and technologies has resulted in a fragmented environment, creating a complicated network of ‘digital islands’ that poses a considerable obstacle to global acceptance. Swift representatives have stated that for digital assets and currencies to develop globally, they need to integrate with traditional monetary systems.

With Swift's extensive worldwide presence, they are in a position to connect both emerging and established value forms. The current focus is on demonstrating this capability through real-world, mainstream applications. As new value forms emerge, the aim is to provide the community with the ability to conduct and monitor transactions across various asset types, using the same secure infrastructure that supports their operations today.

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