Banks to join SWIFT digital asset trials in 2025

SWIFT has announced that it is strategically positioned to bridge the fragmented digital asset landscape through upcoming digital currency trials set for 2025.

Financial institutions across North America, Europe, and Asia are gearing up to participate in these trials, which will involve testing transactions with various digital currencies and assets. SWIFT revealed on October 3 that the trials aim to provide banks with unified access to multiple digital asset classes.

The initial focus will be on use cases related to payments, foreign exchange, securities, and trade, facilitating transactions like multi-ledger delivery-versus-payment and payment-versus-payment.

In its announcement, SWIFT emphasized the rapid proliferation of disconnected platforms and technologies in the digital asset space, resulting in a fragmented ecosystem. This fragmentation, described as a “complex web of ‘digital islands,'” poses challenges to global adoption of digital assets.

SWIFT stated, “Our trials will leverage our unique position to interlink these disparate networks with each other and with existing fiat currencies, allowing our global community to seamlessly transact using digital assets alongside traditional forms of value.”

Cointelegraph reached out to SWIFT for further details on which specific digital assets will be included in the trials, but no response had been received at the time of publication.