Tokenised Bank Money is Moving Toward a “Hub-of-Hubs” Model Through Swift

In this paper, we discuss:

• How Swift’s hub-of-hubs model connects tokenised deposits across banks;
• How Swift preserves banks’ control over deposits and customer relationships;
• Why liquidity, settlement and foreign exchange remain key challenges;
• Whether Swift can become a global standard for tokenised bank money.

Download PDF: Tokenised Bank Money – October 2026