Swift has unveiled plans to integrate a blockchain-based shared ledger into its core infrastructure, marking one of the most significant evolutions of the global payments network in decades. Announced at Sibos 2025 in Frankfurt, the initiative aims to enable real-time, 24/7 cross-border payments and the regulated movement of tokenized value at global scale. The project brings together more than 30 financial institutions from 16 countries and starts with a conceptual prototype developed alongside Consensys. Rather than replacing existing rails, the ledger is designed to extend Swift’s trusted role into digital finance while preserving compliance, resilience, and operational rigor.

Key takeaways

• Swift plans to add a blockchain-based shared ledger to support instant, always-on cross-border payments.
• The initiative was announced at Sibos 2025 in Frankfurt and involves over 30 global banks from 16 countries.
• The first use case focuses on real-time, 24/7 interbank cross-border payments.
• The ledger will be interoperable with existing payment rails and emerging digital networks.
• Smart contracts will be used to embed compliance, controls, and transaction rules directly into payment flows.

Market context: The move comes as financial institutions globally face pressure to modernize cross-border payments amid growing demand for instant settlement, tokenized assets, and regulated digital money, while central banks and regulators push for higher transparency and resilience.

Why it matters

Cross-border payments remain one of the most complex and costly parts of the financial system, often constrained by time zones, batch processing, and fragmented infrastructure. By introducing a shared digital ledger, Swift is signaling that legacy financial infrastructure can evolve without abandoning regulatory discipline.

For banks, the initiative promises improved transparency, faster settlement, and reduced operational friction, all while maintaining compatibility with existing correspondent banking models. For the broader market, it represents a pragmatic bridge between traditional finance and distributed ledger technology.

The project also highlights a broader industry shift toward tokenized value and programmable money, with Swift positioning itself as a neutral orchestrator rather than a competing blockchain network.

What to watch next

• Progress of the conceptual prototype being developed with Consensys.
• Expansion of use cases beyond cross-border payments into other forms of tokenized value.
• Governance frameworks and compliance standards agreed by participating banks.
• Further announcements on interoperability with public and private blockchain networks.

Sources & verification

• Official Swift announcement detailing the blockchain-based ledger initiative.
• Statements from Swift CEO Javier Pérez-Tasso delivered at Sibos 2025.
• Public comments from participating global banks on their involvement.
• Swift’s published FAQs outlining scope, benefits, and development phases.

Swift’s blockchain ledger and the future of cross-border payments

Swift’s decision to incorporate a blockchain-based shared ledger into its technology stack represents a strategic response to a rapidly changing payments landscape. For decades, Swift has served as the backbone of global financial messaging, connecting institutions across more than 200 countries and territories. The new ledger does not replace that role but extends it into a digital environment where value can move instantly and continuously.

The initiative was formally announced during the opening plenary of Sibos 2025, where Swift CEO Javier Pérez-Tasso acknowledged that the move might surprise parts of the market. He framed the development as a convergence rather than a contradiction, arguing that traditional finance and blockchain technology can coexist within a regulated system. According to Pérez-Tasso, banks are increasingly prepared for this transition and are asking Swift to take on a broader coordinating role.

At the core of the project is a shared digital ledger designed to record, sequence, and validate transactions between financial institutions in real time. Built with interoperability as a guiding principle, the ledger is intended to connect seamlessly with both established payment rails and emerging digital networks. Smart contracts will enforce transaction rules, embedding compliance and risk controls directly into payment flows rather than layering them on afterward.

The first use case under development is real-time, 24/7 cross-border payments, an area where inefficiencies have long persisted. Current systems often rely on batch processing and reconciliation across multiple intermediaries, leading to delays and uncertainty. A shared ledger, accessible around the clock, could significantly improve predictability and transparency while reducing settlement times.

Swift has emphasized that operational excellence remains central to the design. The ledger is being developed in parallel with ongoing enhancements to existing rails, APIs, and ISO 20022 messaging standards. This layered approach reflects Swift’s view that innovation should strengthen, not undermine, the reliability and security that global finance depends on.

Collaboration is another defining feature of the initiative. Financial institutions from regions spanning Europe, North America, Asia-Pacific, the Middle East, and Latin America are actively involved in shaping the ledger’s functionality and governance. Participating banks include major global and regional players such as Bank of America, HSBC, JP Morgan Chase, Deutsche Bank, BNP Paribas, Citi, BBVA, and many others.

Executives from these institutions have described the project as a foundational upgrade rather than an incremental change. Many point to the importance of interoperability and common standards, particularly as tokenized assets and digital currencies gain traction. A shared ledger coordinated through Swift’s neutral network could help avoid fragmentation and support multi-currency, atomic settlement across jurisdictions.

Several banks highlighted the relevance of the initiative for liquidity management and always-on payments. In a global economy that increasingly operates beyond traditional business hours, the ability to move regulated value in real time is becoming a competitive necessity. The ledger is positioned as an enabler of this shift, supporting both wholesale and, eventually, broader client-facing use cases.

Swift has also linked the project to its broader work on digital assets and interoperability. Alongside the ledger, the organization is developing solutions that allow value to move between private and public networks without compromising compliance. This reflects an understanding that the future financial system will likely consist of multiple interconnected platforms rather than a single dominant rail.

From a governance perspective, the initiative is being developed in stages, beginning with a prototype. Timelines for broader availability will depend on testing, regulatory alignment, and industry adoption. Swift has been clear that the ledger will evolve in close consultation with its community, maintaining alignment with global regulatory standards.

The broader significance of the project lies in its signal to the market. By embracing blockchain-based infrastructure while reaffirming its commitment to trust and resilience, Swift is attempting to chart a middle path between innovation and stability. If successful, the shared ledger could become a key component of next-generation global payments, supporting tokenized value, instant settlement, and interoperability at scale.

As Pérez-Tasso concluded during Sibos, the ledger represents a platform not just for today’s needs but for future transformation. Its ultimate impact will depend on execution, collaboration, and the industry’s willingness to converge on shared standards. For now, it marks a notable step in the gradual modernization of global financial infrastructure.

“This is a powerful platform for the future. And it can be even more transformational in the future.” – Javier Pérez-Tasso, Swift CEO

Citi is among a growing group of banks working with us to shape our blockchain-based ledger – extending Swift’s infrastructure to support tokenised value at scale.

Through industry-wide collaboration, we’re enabling a future where value moves seamlessly in a multi-model,… pic.twitter.com/AAJmkJkUmH

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— Swift (@swiftcommunity) February 6, 2026

Turkish prosecutors expanded a wide-ranging operation against illegal online betting and money-laundering networks, freezing more than €460 million in assets linked to a prominent suspect. The Istanbul seizure, announced last week, targeted holdings tied to Veysel Sahin, accused of operating unlawful betting platforms and channeling illicit proceeds. Officials initially declined to name the crypto firm involved, but later confirmed that Tether Holdings SA—the issuer of the USDt stablecoin—was implicated in the case. Tether’s CEO, Paolo Ardoino, said the company acted after receiving information from law enforcement, asserting that the firm “acts in respect of the laws of the country” and works with federal agencies when warranted. The move fits into a broader Turkish crackdown aimed at untangling underground gambling networks and their financial conduits.

Key takeaways

• Turkish prosecutors seized approximately €460 million ($544 million) in assets linked to Veysel Sahin, a figure tied to alleged illegal betting platforms and money laundering.
• Tether Holdings SA confirmed cooperation with authorities after being identified in the case, underscoring a broader pattern of collaboration with law enforcement on crypto-related investigations.
• Turkey’s ongoing probes have already netted more than $1 billion in seizures across related investigations, highlighting the scale of cross-border enforcement against illicit crypto activity.
• Analytical firms report that stablecoin ecosystems continue to be a battleground for compliance, with thousands of wallets flagged for potential misuse and billions in associated activity.
• Despite scrutiny, USDt remains among the dominant stablecoins in on‑chain activity, with continued growth in market cap and user adoption even amid a broader downturn in the crypto sector.

Tickers mentioned: $USDT, $USDC, $USDe

Sentiment: Neutral

Price impact: Neutral. The actions described are enforcement measures; no direct, stated impact on token prices is noted in the report.

Market context: The Turkish crackdown underscores rising regulatory attention to stablecoins and cross-border crypto flows as authorities increasingly leverage on-chain analytics to pursue illegal finance and sanctions evasion. The case also illustrates how crypto firms collaborate with investigators in multi-jurisdictional efforts, shaping a developing playbook for enforcement in a rapidly evolving sector.

Why it matters

The Turkish case exemplifies how traditional crime issues—unlicensed gambling, money laundering, and cross-border capital movement—become entangled with crypto rails. By freezing assets tied to a named operator and publicly linking the action to a major stablecoin issuer, regulators draw a direct line between on-chain liquidity and real-world criminal enterprises. For crypto firms, the episode reinforces the need for robust Know Your Customer and Anti-Money Laundering controls and heightened cooperation with law enforcement, particularly in jurisdictions with aggressive enforcement environments. The public acknowledgment of the role played by USDt in the case—and the broader discussion around its use in illicit activity—adds to the ongoing debate about stability, transparency, and risk management within the stablecoin landscape.

For investors and users, the development signals ongoing regulatory scrutiny of stablecoins, even as the asset class sustains significant liquidity and network activity. Analysts have tracked a broad escalation in compliance actions tied to stablecoins, which could influence how exchanges and custodians assess risk, conduct due diligence, and report suspicious activity. The Turkish actions also intersect with wider enforcement patterns that see information-sharing between national authorities and crypto firms as a central feature of investigations that span continents. In this context, the resilience of legitimate stablecoin use—reconciliation of on-chain flows with traditional financial systems—depends increasingly on transparent governance, auditable reserves, and proactive collaboration with regulators.

Beyond the Turkish case, analyses from Elliptic highlight how stablecoins have become a focal point for financial crime risk analysis. The firm’s data show that by late 2025, roughly 5,700 wallets connected to stablecoins had been blacklisted, holding about $2.5 billion in aggregate value, with roughly three-quarters of those addresses associated with USDT. The broader takeaway is that enforcement pressure on stablecoins is intensifying as regulators push for more visibility into fund flows, counterparties, and the end-use of digital assets in illicit networks. In tandem with this, Tether has pointed to its own compliance record, noting it has assisted in more than 1,800 investigations across 62 countries, leading to about $3.4 billion in frozen USDt tied to alleged criminal activity.

From a policy perspective, the case dovetails with ongoing discussions about stablecoins’ role in sanctions regimes and cross-border finance. While some observers argue that stablecoins offer efficiency and resilience for legitimate users, the same rails can be exploited for evading restrictions or moving proceeds of crime. The broader narrative is not about banning stablecoins but about ensuring that the technology is integrated with robust compliance practices that can withstand sophisticated enforcement attention. The Turkish authorities’ success in tracing and freezing funds also sends a message to illicit actors: cross-border cooperation and on-chain forensics remain potent tools for disrupting illegal financial networks.

As the surveillance of the stablecoin ecosystem intensifies, the crypto markets watch how issuers adapt. USDt, which recently reached a record market capitalization of about $187.3 billion in Q4 2025, continues to dominate the stablecoin space even as other tokens faced volatility. On-chain activity in USDt also hit new highs, with nearly 24.8 million active USDt wallets and a quarterly transfer volume exceeding $4.4 trillion across billions of transactions. These metrics underscore the sheer scale of stablecoin usage and the importance of regulatory clarity for participants across exchanges, wallets, and payments rails.

In summary, the Turkish action is a notable data point in a broader trend: law enforcement agencies increasingly coordinate with issuer platforms to combat illicit finance in the digital era. While the specifics of the Sahin case are localized, the underlying dynamics—cross-border prosecutions, analytics-driven investigations, and ongoing scrutiny of stablecoins—are global in scope and likely to influence policy discussions and industry practice for months to come.

What to watch next

• Continued Turkish investigations into online gambling and money laundering networks, and any subsequent asset seizures related to Sahin or affiliated entities.
• Public disclosures from Tether about ongoing regulatory cooperation and any new findings from cross-border investigations.
• Regulatory developments around stablecoins in major markets, including potential updates to reserve disclosures and reporting requirements.
• Follow-up analyses from on-chain researchers about the use of USDt in sanctions or illicit finance corridors and any shifts in wallet-holding patterns.

Sources & verification

• Istanbul prosecutors’ seizure announcement tied to Veysel Sahin via turkiye today.
• Paolo Ardoino’s comments to Bloomberg regarding cooperation with law enforcement.
• Elliptic analysis on blacklisted stablecoin wallets and related illicit activity.
• U.S. Department of Justice press release on charges related to laundering $1 billion using USDt.
• Cointelegraph reporting on USDt market cap and on-chain activity in Q4 2025.

Tether has frozen more than half a billion dollars in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation.

Last week, prosecutors in Istanbul announced the seizure of approximately €460 million ($544 million) in assets belonging to Veysel Sahin, accused of operating unlawful betting platforms and laundering proceeds. Officials initially declined to identify the crypto firm involved, but the company was Tether Holdings SA, the issuer of the $185 billion USDt (USDT) stablecoin, CEO Paolo Ardoino told Bloomberg.

“Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” Ardoino reportedly said. “And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he added.

The action came as part of a broader investigation targeting underground gambling and payment networks in the country. Turkey has already seized more than $1 billion in assets through related probes, according to Bloomberg.

Related: Tether releases open-source operating system for Bitcoin mining

Tether, Circle blacklist 5,700 wallets

According to analytics firm Elliptic, stablecoin issuers, primarily Tether and Circle, had blacklisted about 5,700 wallets containing roughly $2.5 billion by late 2025. About three-quarters of those addresses held USDT at the time they were frozen.

Tether also told Bloomberg that it has assisted authorities in more than 1,800 investigations across 62 countries, resulting in $3.4 billion in frozen USDT connected to alleged criminal activity.

Despite the cooperation, USDt continues to attract scrutiny. US prosecutors last month charged a Venezuelan national with laundering $1 billion, largely using the token, while blockchain researchers have linked large USDt transactions to sanctions-evasion activity.

Last year, Bitrace also reported that $649 billion in stablecoins, or about 5.14% of total stablecoin transaction volume, flowed through high-risk blockchain addresses in 2024, with Tron-based USDt accounting for more than 70% of the activity.

Related: Tether CEO denies the company ever planned $20B raise

Tether’s USDT hits $187B market cap

As Cointelegraph reported, Tether’s USDt reached a record $187.3 billion market capitalization in the fourth quarter of 2025, growing by $12.4 billion despite a broader crypto downturn triggered by October’s liquidation cascade. While USDt expanded, rival stablecoins struggled, with Circle’s USDC (USDC) ending the quarter largely flat and Ethena’s USDe losing about 57% of its value.