Streamlining the global movement of digital assets and currencies 👀

TheDinarian

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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!

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thedinarian@thedinarian

September 16, 2024

Streamlining the global movement of digital assets and currencies 👀

We’re paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies on the Swift network. This follows a series of groundbreaking experiments conducted with our community in recent years, which we’re now advancing to the next stage.

Interest in digital assets and currencies continues to grow, with the last two years bringing greater clarity on the potential value of these developments to the industry.

Forecasts for the growth of digital assets are wide ranging. For instance, Standard Chartered and Synpulse recently estimated that the market size of real-world tokenised assets will climb as high as $30 trillion by 2034. Market sentiment is certainly strong with 91% of institutional investors interested in investing in tokenised assets, according to a survey by Celent and BNY Mellon

"Our vision is for our members to be able to use their Swift connection to transact interchangeably using both existing and emerging asset and currency types."

Preventing digital islands

Yet there are challenges that must be overcome before digital assets and currencies can truly scale on a global level. Not least is the growth in divergent platforms, technologies and regulatory environments that underpin digital innovation. This is leading to the emergence of an ecosystem of fragmented ‘digital islands’ that add costs and risks for market participants to navigate.

Institutional investors, for instance, are unable to ramp up their digital asset businesses due to the complexities they face when dealing with a multiplicity of tokenisation platforms. And on the digital currency side, while the latest Atlantic Council figures show that over 130 countries and currency unions are currently exploring a central bank digital currency (CBDC), significant work is still needed to integrate these emerging currencies into the wider global economy.

Enabling global interoperability

For 50 years, Swift has played a vital role in increasing global interoperability and enabling fast, frictionless, and secure transactions. And, as we move into the next phase of our strategy, we’ll continue to expand on our ability to interoperate new systems, technologies, assets and currencies.

In our innovation labs, we’ve been proactively exploring potential solutions to the challenge of extending global interoperability to CBDCs and tokenised assets for a number of years now. Recently, we’ve brought the industry together in a series of breakthrough research projects to explore how existing Swift capabilities and infrastructure can seamlessly support interoperability across different asset classes and network types.

Our successful blockchain interoperability experiments showed how Swift’s infrastructure can facilitate the transfer of tokenised value across public and private blockchains. And our Phase 1 and Phase 2 CBDC sandbox projects – carried out with leading central and commercial banks from across Europe, Asia and North America – demonstrated how we can interlink CBDCs on different networks and interlink multiple asset and cash networks.

Now we’re setting our sights higher
Our vision is for our members to be able to use their Swift connection to transact interchangeably using both existing and emerging asset and currency types.

We have a strong track record as a trusted and efficient central platform for transactions using fiat currencies and securities instruments. Now we’re further evolving our infrastructure to be able to offer our members the same level of access to emerging digital asset classes and currencies across a range of use cases in payments, securities, FX, trade and beyond.

Building on what we’ve learned, we’re paving the way towards real-world solutions capable of interlinking various forms of digital assets and currencies – including plans to test how to enable multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on Swift’s secure, global platform. In the future, this could enable securities buyers to simultaneously pay for and exchange tokenised assets in real time on our network.

Without a globally accepted digital form of money, the cash leg in the execution of DvP settlement is particularly challenging. So we’re looking at ways to connect tokenised asset settlement with the corresponding payment transfer taking place on the Swift network. The payment leg will initially be made using existing fiat currencies, but will later be able to use tokenised forms of money, such as CBDCs, tokenised commercial bank money, or regulated stablecoins.

Finally, we’re also testing how our interlinking capabilities could be used as the technical solution to interlink emerging bank-led networks such as the US Regulated Settlement Network with other financial infrastructure.

What’s next?

While much has already been achieved, it’s clear that there’s still plenty of work to be done.

Together with the financial community, we’re continuing to develop the technical solutions needed to achieve digital asset and currency interoperability and access. In the coming months, we’ll also be exploring what implementation will mean for the workflows, standards and market practice requirements needed to achieve scale – with more info to come ahead of Sibos 2024.

We’re excited for the future of digital assets and currencies on our network and will continue to collaborate with our community to drive progress in this area.

https://www.swift.com/news-events/news/streamlining-global-movement-digital-assets-and-currencies

WWW.SWIFT.COM

Streamlining the global movement of digital assets and currencies | Swift

We’re paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies on the Swift network. This follows a series of ...

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Source: The Dinarian ⚡ Claude AI

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thedinarian@thedinarian

May 31, 2025

Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. –Mooly Sagiv, Co-Founder of Certora

SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen, CEO of OtterSec

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. –Markus Paulson, Co-Founder of Script3

The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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If you find value in my content, consider showing your support via:

💳 PayPal:
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thedinarian@thedinarian

May 31, 2025

Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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If you find value in my content, consider showing your support via:

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