UBS tests tokenised deposit payments
UBS and Mizuho have executed bilateral test transactions on Swift’s blockchain‑based shared ledger, completing trials designed to validate operational processes for cross‑border payments using tokenised deposits.
The banks connected to a dedicated test environment on the Swift ledger to exchange payments in Japanese yen and Swiss francs, confirming workflow steps for on‑chain settlement, the financial‑message formats required and the technical specifications needed to link to the platform.
Swift launched the minimum viable product of its distributed ledger in July 2026. The system provides a framework for 24/7 cross‑border payments using digital currencies, including tokenised deposits.
Mizuho said the tests form part of wider efforts to enhance payment infrastructure through blockchain technologies, with tokenised‑deposit pilots underway in Japan and overseas. The bank added that it will continue working with Swift and other institutions participating in the ledger as it explores further applications for on‑chain cross‑border payments and the expansion of the Swift ledger network.