SWIFT will run a series of experiments on asset tokenization
The largest international interbank system plans to conduct a series of asset tokenization experiments in the first quarter of 2022. The main goal is to explore ways to provide services in the token market.
As stated in the SWIFT press release, the market capitalization of tokenized assets is still small, especially compared to cryptocurrencies and stablecoins. However, an explosive growth is expected - according to some estimates, the capitalization may grow to $27 trillion by 2027.
“As interest increases, SWIFT is exploring how it can enable and improve interoperability between participants and systems during the transactional lifecycle of tokenized assets. To this end, SWIFT plans a series of experiments in Q1 2022 leveraging its trusted role as a central platform to explore the issuance, delivery versus payment (DVP), and redemption processes, to support a frictionless and seamless tokenized asset market. These experiments will use both established forms of payment and central bank digital currencies (CBDCs).”
Recall that in 2021 SWIFT Go was launched, attempting to connect banks with payments in real time. Next year SWIFT plans to create an international payment platform.