First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest financial institutions, has executed live U.S. dollar transactions at scale using tokenized deposits through Swift's Ledger Minimum Viable Product (MVP), in a deployment completed bilaterally with Citi.
The transaction is described as a regional first, marking the transition of regulated commercial bank money onto programmable digital ledger infrastructure for cross-border payments.
The deployment validated the end-to-end operational interaction between legacy Swift messaging protocols, tokenized deposit structures, and distributed ledger smart contracts, according to the report.
The initiative involved FAB and Citi as the two participating banks, with Swift's Ledger MVP serving as the underlying infrastructure connecting traditional messaging rails with tokenized deposit settlement.
