On October 3, Swift announced that major banks across North America, Europe, and Asia will conduct live trials of digital currency and asset transactions starting in 2025.
These trials will facilitate the beginning of the transition of digital assets from experimental phases to real-world applications and mainstream finance.
"For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money. With Swift’s vast global reach, we are uniquely positioned to bridge both emerging and established forms of value,” said Tom Zschach, Chief Innovation Officer at Swift.
These trials follow significant collaborations with numerous financial institutions, showcasing the bridge of various digital networks and asset classes, including public and private blockchains.
A UCL report states that data qualifies as an asset due to ownership, control, and value, but the lack of legal recognition makes its valuation challenging compared to traditional assets.
Bain & Company further report that tokenization has the potential to unlock a $400 billion opportunity by making alternative investments more accessible to individuals.
Bain & Company report that the market capitalization of tokenized assets is projected to reach $16 trillion by 2030.