UBS and Mizuho run Swiss franc and yen tests on SWIFT’s shared blockchain ledger

# What happened

UBS and Mizuho Bank carried out test transactions on SWIFT's blockchain‑based shared ledger. The tests took place in a dedicated test environment on the ledger and involved bilateral payments between the two banks settled in Swiss francs and Japanese yen.

# Why it matters

The exercise validated concrete pieces of on‑chain cross‑border payments: how payments flow on the ledger, the financial message format required, and the technical steps needed to connect institutional systems to the platform. That practical confirmation reduces uncertainty for banks thinking about integrating tokenised deposits and other digital currencies into cross‑border payment rails.

# What the ledger is designed to do

SWIFT's shared ledger launched a minimum viable product in July 2026. It provides blockchain infrastructure and a framework intended to enable continuous, around‑the‑clock cross‑border payments using digital currencies, including tokenised deposits. The MVP is positioned as a platform where participating banks can test and validate operational models and interoperability requirements for on‑chain payments.

# What Mizuho said and plans

# Practical implications for banks and treasuries

• Operational readiness: The tests show banks must agree on specific financial message formats and meet explicit technical integration requirements to connect to the ledger.
• Currency coverage: The demonstration covered two fiat currencies — Swiss franc and Japanese yen — suggesting the ledger can handle different currency corridors in a controlled test setting.
• Continuous settlement potential: Because the ledger targets 24/7 payments, institutions will need to align internal processes that historically assumed business‑hour time windows.

# What to watch next

Expect additional pilots and live trials as more institutions connect to SWIFT's ledger. Future steps to monitor include broader currency corridors, participation growth, how tokenised deposits are issued and custodyed, and any operational standards SWIFT publishes for message formats and integration.

# Bottom line

This test is a practical, incremental validation of SWIFT's ledger capabilities. UBS and Mizuho confirmed that basic operational and technical pieces work in a bilateral test for two fiat currencies. Mizuho will use the findings to inform further pilots and collaboration with SWIFT and other banks as the ledger's network grows.