Financial institutions are shifting away from the debate over public versus private blockchains. Instead, banks are adopting shared infrastructure that allows for synchronized records while maintaining strict control over identity, privacy, and regulatory compliance.
Major players like Swift have launched blockchain-based ledgers. In July, Swift announced its system was ready for use, and by August and September, banks including HSBC, Standard Chartered, UOB, DBS, and OCBC began executing live transactions on this infrastructure.
Practical implementations are expanding. On October 1, Fiserv launched a digital asset platform for financial institutions, with the Bank of North Dakota utilizing it to issue the Roughrider stablecoin. Additionally, JPMorgan continues to use its Kinexys platform and JPM Coin on the Base network.
Infrastructure providers are adapting to these requirements. IBM now supports connections between digital asset platforms and permissioned networks like Swift’s ledger using ISO 20022 messaging standards, allowing banks to avoid rebuilding existing operational workflows.
Despite these developments, consumer adoption remains a challenge. A June report from PYMNTS Intelligence and Velera indicated that 70% of credit union members lack awareness regarding stablecoins.
