International payments group Swift is creating its own blockchain in order to facilitate transactions between global banks, as it seeks to compete with the growing stablecoin industry.
Swift said on Monday that it would work with Bank of America, Citigroup and NatWest, among other banks, to create a shared digital ledger that would be used to facilitate transactions in tokenised products including stablecoins.
Swift said the move would improve cross-border transactions and that the blockchain would allow it to “record, sequence and validate transactions and enforce rules through smart contracts”.
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