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 First Abu Dhabi Bank (FAB) has completed live, scaled US dollar transactions under the Minimum Viable Product (MVP) phase of the "SWIFT Ledger" platform. The project utilized tokenized commercial bank deposits and smart contract settlements over the SWIFT network to enable continuous, 24/7 cross-border transfers.

The transaction was executed bilaterally with Citi, demonstrating seamless interoperability between existing SWIFT messaging standards, tokenized deposits, and distributed ledger technology (DLT) infrastructure.

With this execution, FAB becomes the first financial institution across the Middle East and Africa (MEA) region to achieve live settlement on the platform, marking a key milestone in its digital asset roadmap.

Orchestration Without Balance Sheet Disruption

The SWIFT Ledger initiative addresses fragmentation across emerging tokenized payment networks by providing a shared orchestration and interoperability layer. The trial validated that regulated commercial bank funds can power faster, programmable, multi-currency cross-border transactions around the clock:

Balance Sheet Integrity: Tokenized deposits remained directly on the balance sheets of participating banks, ensuring compliance with established liquidity and risk management frameworks.

Non-Custodial Coordination: The SWIFT Ledger functioned as a coordination layer for payment obligations and interbank record-keeping without taking custody of customer or institutional funds.

Settlement Infrastructure: Interbank settlement operated independently through approved correspondent banking rails, preserving established regulatory oversight and controls.

FAB will continue working with SWIFT, Citi, and peer institutions in upcoming project phases. Future developments will focus on expanding cross-network interoperability, scaling 24/7 liquidity mechanisms, and rolling out programmable corporate treasury solutions for institutional clients.