⚡️SWIFT plans to launch a new platform to connect multiple stablecoins simultaneously

⚡️SWIFT plans to launch a new platform to connect multiple stablecoins simultaneously

The new platform is intended to develop the CBDC financial ecosystem and could be launched next year.

➡️ Currently, around 90% of Central Banks are exploring the use of CBDC, and for SWIFT, this represents an opportunity to maintain its leadership position in interbank and international payments.

➡️ As part of the project, a simulation involving several central banks, commercial lenders, and settlement platforms was conducted. It lasted 6 months and confirmed the feasibility of joint and simultaneous usage of stablecoins and tokenized assets, even if digital currencies are based on different underlying technologies and protocols.

➡️ During this experiment, it was found that the risk of fragmentation in payment systems is reduced, as well as the costs of several related processes.

➡️ The results also showed that when using digital currencies, banks can rely on the existing infrastructure: SWIFT's functional network already operates in two hundred countries and connects more than 11,500 financial institutions and funds. Transactions worth several trillion dollars are processed on this network every day.

➡️ ...However, there's a catch: in large economies, the implementation of CBDC can be hindered by a traditional structure that is quite efficient by itself. While the Euro digital project is still being developed, and the digital yuan is still in the testing phase. In Jamaica🇯🇲, the Bahamas🇧🇸, and Nigeria🇳🇬 stablecoins have already been fully integrated into the local financial systems.

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