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      SWIFT processes about $5 trillion daily, stablecoins and tokenized deposits accelerate challenge to cross-border payment system

      PANews reported on August 30, according to CoinDesk, that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) currently routes about $5 trillion per day for cross-border settlement, with its network covering 11,500 institutions in about 200 countries and regions, but the cost of a single transaction is still about 1% to 4%, and settlement usually takes 1 to 5 business days. Facing competition from stablecoins, tokenized deposits, and blockchain payments in terms of speed and cost, SWIFT launched a blockchain ledger last month, after which HSBC and Standard Chartered completed the first real-time transaction through the system, reducing settlement time to just seconds. BNY expects the stablecoin and tokenized cash market to reach $3.7 trillion by 2030; Citigroup expects the tokenized securities market to grow to $5.5 trillion over the same period.


      Source: PANews
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