Taurus Integrates Digital Asset Platforms With Swift's Blockchain Ledger

Digital asset infrastructure provider Taurus has integrated its tokenization and custody platforms with Swift's blockchain-based ledger, opening the door for institutional clients to make payments using bank-issued tokenized deposits.

In an announcement shared with Cointelegraph on Wednesday, Taurus said its clients can connect their existing digital asset infrastructure to the ledger for payments using bank-issued tokenized deposits. The first client integrations are expected to go live within days, with the first distributed ledger technology (DLT) transactions facilitated through its platforms expected within weeks.

For banks already using Taurus to tokenize and custody digital assets, the integration provides a path to transact over the incumbent interbank network rather than through separate crypto rails.

Swift's Ledger Moves Toward Institutional Use

Swift announced in July that the ledger was ready for initial use, with 17 banks across six continents preparing to pilot live transactions using tokenized deposits, according to the company's official announcement.

Standard Chartered and HSBC have since completed the ledger's first live cross-border transaction, connecting their separate tokenized deposit systems.

Related: StanChart, HSBC execute first live transaction on Swift blockchain ledger

How the Ledger Works

The international payments network's ledger functions as an orchestration layer for round-the-clock cross-border payments using tokenized deposits held on participating banks' balance sheets. Tokenized deposits are digital representations of commercial bank money on a distributed ledger — distinct from stablecoins, which are typically issued as separate liabilities by non-bank entities. Rather than replacing existing market infrastructure, it coordinates transfers between institutions before final settlement takes place through existing arrangements, including real-time gross settlement (RTGS) systems.

Cross-border payments under the traditional correspondent banking model pass through multiple intermediaries and can take days to settle — shortcomings the G20 has targeted since adopting its roadmap for enhancing cross-border payments in 2020.

Background on the Companies

Swift, formally the Society for Worldwide Interbank Financial Telecommunication, is a global member-owned cooperative founded in 1973 and headquartered in Belgium. Its messaging network connects more than 11,000 financial institutions across over 200 countries and territories and carries much of the world's cross-border payments traffic.

Taurus, founded in 2018 and headquartered in Geneva, Switzerland, provides enterprise-grade digital asset infrastructure — including tokenization and custody technology — to banks and other financial institutions.