Swift's Ledger Takes Aim at Tokenization Fragmentation

At Sibos 2026, Swift's Jack Pouderoyen tackled tokenization and digital assets by asking what the industry's real end goal should be. The conversation focused on fragmentation across tokenized markets and the need for round-the-clock global settlement.

He pointed to a new blockchain ledger that Swift is developing to address that fragmentation. Instead of creating another isolated network, the ledger is meant to connect disparate tokenization efforts so digital assets can move more consistently. Fragmentation has persisted as banks, custodians, and market infrastructures build separate tokenized offerings.

A ledger built for continuous settlement could lessen reliance on batch windows and bring digital asset trading closer to the always-on nature of crypto markets. Still, governance, interoperability standards, and regulatory fit remain open questions. The true objective may be a unified settlement layer rather than a proliferation of isolated tokens.

Swift's work reflects a wider push to make tokenization useful at scale. If it succeeds, financial firms could settle tokenized assets continuously across borders. Yet moving from pilots to production is rarely straightforward, and the market will judge whether the proposed ledger can deliver interoperability without weakening safety.