According to Foresight News, the Depository Trust & Clearing Corporation (DTCC) is partnering with Chainlink to work on a Swift blockchain interoperability project aimed at enabling the tokenized transfer of traditional financial assets. Swift uses Chainlink's Cross-Chain Interoperability Protocol (CCIP) on the backend to facilitate cross-chain messaging and token transfers, while DTCC acts as the token issuer and central securities depository (CSD). Specifically, DTCC mints and issues 'BondTokens' compatible with Chainlink CCIP and distributes them to test wallets designated by Swift.
As reported by Foresight News on June 6, the Society for Worldwide Interbank Financial Telecommunication (Swift) announced that it is exploring blockchain interoperability to eliminate friction in tokenized asset settlements. Swift is collaborating with over a dozen major financial institutions and FMIs, including Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, Bank of New York Mellon, Citigroup, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and DTCC, to test how companies can effectively guide the transfer of tokenized value between public and private blockchains using their existing Swift infrastructure. The first use case of the trial will involve transferring tokenized assets between two wallets on the same public blockchain network (Ethereum Sepolia testnet). The second use case involves moving tokenized assets from a public blockchain (Ethereum) to a permissioned blockchain. The third use case will test transferring tokenized assets from Ethereum to another public blockchain, with Chainlink serving as the enterprise abstraction layer, securely connecting the Swift network to the Ethereum Sepolia network, and Chainlink's CCIP enabling full interoperability between the source and target blockchains.
