In March 2024, SWIFT said it planned to turn its experimental platform for connecting central bank digital currencies (CBDCs) to the global banking system into a product within 12 to 24 months. Since then, SWIFT’s most visible launch has been a blockchain ledger for bank-issued tokenised deposits, while the U.S. has barred work on a CBDC of its own.143
Key takeaways
- SWIFT’s head of innovation, Nick Kerigan, told Reuters in March 2024 that a CBDC connection platform could be productized in 12 to 24 months.1
- SWIFT links more than 11,500 institutions in over 200 countries and territories.4
- As of May 2026, 146 countries and currency unions were exploring a CBDC, and three had fully launched one.2
- A January 2025 executive order prohibits establishing or issuing a CBDC in the United States.3
- In July 2026, SWIFT’s blockchain ledger went live with 17 pilot banks using tokenised deposits, not CBDCs.4
What did SWIFT announce about CBDCs?
On March 26, 2024, Reuters reported that SWIFT planned to launch a platform, within one to two years, that would let different CBDCs interoperate with each other and with existing payment systems.1
The plan followed trials with 38 participants, including several central banks and large commercial banks.1 SWIFT’s pitch was that CBDCs built on different technologies would need a common connector to be useful across borders.
What is a central bank digital currency?
A CBDC is a digital form of a country’s currency that is issued and backed directly by its central bank, rather than by a commercial bank.
| CBDC | Tokenised bank deposit | Physical gold | |
|---|---|---|---|
| Issued by | Central bank | Commercial bank | No issuer |
| Form | Digital | Digital | Tangible metal |
| Counterparty | Government | The issuing bank | None when held directly |
How many countries are developing CBDCs?
According to the Atlantic Council’s tracker, 146 countries and currency unions representing over 98% of global GDP were exploring a CBDC as of May 2026.2
- Fully launched: the Bahamas, Jamaica, and Nigeria.2
- Development, pilot, or launch stage: a record 77 countries.2
- Adoption: the tracker notes uptake of launched CBDCs has been limited.2
Will the U.S. launch a digital dollar?
Not under current policy. A January 23, 2025 executive order prohibits federal agencies from establishing, issuing, or promoting a CBDC in the United States.3
The order cited risks to financial stability, individual privacy, and U.S. sovereignty.3 It also signaled support for privately issued, dollar-backed stablecoins, which reversed the prior administration’s research-focused approach.3
What’s happened since SWIFT’s announcement?
SWIFT’s biggest launch in this area has focused on tokenised bank deposits: in July 2026 its blockchain-based ledger went live with 17 pilot banks for round-the-clock cross-border payments.4
- The ledger lets banks move their own tokenised deposits across borders, including overnight and on weekends.4
- Pilot banks include HSBC, Citi, Wells Fargo, BNY, UBS, and DBS.4
- The July 2026 release describes tokenised deposits, not CBDCs.4 We could not confirm whether the CBDC connector described in 2024 has launched as a standalone product.
Why do some investors look to physical gold as money goes digital?
Some investors hold physical gold because it is a tangible asset with no issuer, so it doesn’t depend on any bank’s or government’s digital system.
- No counterparty: gold held directly isn’t a liability of a bank or central bank.
- Long history: central banks themselves still hold gold. They bought 863 tonnes in 2025, according to the World Gold Council.5
- Diversification: gold tends to behave differently from stocks and bonds, though its price can fall.
Digital payment rails and gold aren’t mutually exclusive, and modernizing payments isn’t a reason to panic. If you want tangible assets in a tax-advantaged account, read our complete Gold IRA guide, browse IRA-eligible products, or check live gold prices.
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What is SWIFT’s CBDC platform?
In March 2024, SWIFT said it planned to productize, within 12 to 24 months, a platform that connects different central bank digital currencies to each other and to existing payment systems. It grew out of trials with 38 participants, including central banks and commercial banks. Its goal was interoperability across borders.
Is the U.S. creating a central bank digital currency?
No. A January 2025 executive order prohibits establishing, issuing, circulating, or promoting a CBDC in the United States. The administration cited concerns about financial stability, privacy, and sovereignty.
How many countries have launched a CBDC?
According to the Atlantic Council’s May 2026 tracker, three countries have fully launched a CBDC: the Bahamas, Jamaica, and Nigeria. A record 77 countries are in development, pilot, or launch stages, and 146 are exploring one.
What is the difference between a CBDC and a tokenised deposit?
A CBDC is digital money issued directly by a central bank. A tokenised deposit is a digital representation of money held at a commercial bank, so it is that bank’s liability. SWIFT’s 2026 blockchain ledger pilot uses tokenised deposits.
Does a shift to digital money affect gold?
There’s no direct, proven link between CBDC launches and gold prices. Some investors hold physical gold because it has no issuer and sits outside digital banking systems. Gold’s price can still rise or fall, so it is best used as part of a diversified plan.
About the author: John Murphy
[[ROLE AT ANTHEM GOLD GROUP]]. [[X YEARS]] of experience in [[precious metals / retirement planning / financial writing]]. [[One sentence on relevant background, e.g., number of clients helped, credentials, publications]].- Reuters via Gulf News: SWIFT planning launch of new central bank digital currency platform in 12-24 months (March 26, 2024)
- Atlantic Council: Central Bank Digital Currency Tracker
- Banking Dive: Trump order embraces stablecoins, bars CBDCs
- Swift: Swift’s blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments (July 9, 2026)
- World Gold Council: Gold Demand Trends Full Year 2025, Central Banks
This article is for general education only and isn’t tax, legal, or investment advice. Anthem Gold Group is not a licensed financial advisor. Consult a qualified professional before making retirement decisions.
