SWIFT PROCESSED AN AVERAGE OF ABOUT $5 TRILLION PER DAY TO ACCELERATE THE CHALLENGE OF THE CROSS-BORDER PAYMENT SYSTEM FOR STABLE AND TOKENIZED DEPOSITS

On 30 August, CoinDesk reported that SWIFT currently received approximately $5 trillion a day for cross-border settlements, with the network covering 1.15 million institutions in some 200 countries and territories, but that the single transaction cost was still about 1 to 4 per cent, usually requiring 1 to 5 working days. In the face of a competition between the speed and cost of stable currency, tokenized deposits and block-chain payments, SWIFT launched block-chain books last month, and HSBC and Scum Chartered subsequently completed their first real-time transactions through the system, reducing the settlement time to seconds. BNY expects a stable cash market of $3.7 trillion by 2030 and a flag market of $5.5 trillion over the same period。