SWIFT USES BLOCK CHAINS TO MEET THE CHALLENGE OF A STABLE CURRENCY, HSBC AND SCUM TO COMPLETE THE FIRST DEAL

According to Coindesk, SWIFT currently processes approximately $5 trillion per day in cross-border settlements, with transaction costs ranging from 1 per cent to 4 per cent and settlement taking 1 to 5 working days. In the face of the competition between stable currencies and monetized assets, last month SWIFT launched a block book, through which HSBC and Standard Chartered Bank completed their first real-time transactions, reducing the settlement time to several seconds. By 2030, BNY projects that the size of the cash market for stable and tokenized currencies will be $3.7 trillion, and Citicorp expects to increase to $5.5 trillion over the same period。