Swift, the global cross-border payment system , announced a new plan on September 11 to optimize global transactions and allow users to process traditional and digital asset transactions through Swift. The plan will test the simultaneous delivery and settlement ( DvP ) of multi-account bonds and simultaneous payment-to-payment ( PvP ), and focus on the tokenization of real assets (RWA). According to the forecast of Standard Chartered Bank, the market value of RWA will reach US$30 trillion by 2034.
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ToggleRWA digital ledger remains fragmented
Swift said that before digital assets and cryptocurrencies can move towards global popularity, they must overcome the differences between different platforms, technologies and regulatory environments. These differences have caused various RWA projects to become "digital islands", unable to further expand their business and increase the number of RWA projects. transaction costs and risks. This is mainly due to the lack of a globally recognized form of digital currency.
According to the latest data from the Atlantic Council, more than 130 countries and monetary unions around the world are currently exploring the possibility of central bank digital currency (CBDC). However, a lot of work still needs to be done before these emerging currencies can be integrated into the broader global economy.
Incorporate CBDC in the future to promote collaboration between digital solutions
The plan will initially use fiat currencies for testing, and will gradually include central bank digital currency (CBDC), tokenized commercial bank currencies and regulated stablecoins in the future. In addition, Swift is also exploring how to integrate different digital assets with banking networks to solve interoperability issues.
Tom Zschach, director of innovation at Swift, said: “Digital currencies and tokens have the potential to change the future of payment and investment models, but this depends on whether different digital solutions can work with each other.”
Successfully completed RWA testing and continued to address interoperability
It is worth noting that Swift has successfully conducted value transfer tests related to RWA, specifically mentioning two CBDC sandbox tests. The participating banks are from Europe, Asia and North America, mainly using smart contracts and event-driven programming to realize payment automation, .
In addition, Swift’s new attempt to provide a single payment infrastructure for tokenized assets aims to solve the integration problem between digital assets and banking networks. Each financial institution exploring RWA may use a different distributed ledger technology, which hinders global interoperability and creates additional challenges due to differences in regulatory environments.
