Swift announces plans to streamline adoption of digital assets, including regulated stablecoins. Growth in the real-world assets (RWA) market, CBDCs and stablecoins are major reasons for Swift’s initiatives across the blockchain space.

Swift, the financial messaging network supporting the international payments system, is working towards a broader adoption of digital assets and currencies. This includes the use of regulated crypto assets. According to Swift, the goal is to enable network members to tap into their Swift connection for transactions that leverage both traditional currencies and digital assets. Swift eyes regulated digital assets The announcement on Sept. 11 came as Swift said it’s moving forth to the next stage of this initiative after a series of pilot programs. Partnerships with blockchain and crypto platforms have been part of the progress, with one notable collaboration involving Chainlink. A lot of the movement has come amid projections of fierce competition for Swift from blockchain alternatives. The piloting of alternative platforms have also seen Swift seek to unlock the benefits of tokenization for its members.

Swift notes that blockchain interoperability experiments have revealed how the network’s infrastructure is capable of facilitating tokenized value transfers across both public and private blockchains. Real-world assets aside, Swift has seen key collaborations across the central bank digital currencies space. These sectors, which have grown amid an explosion in stablecoin use, are what the interbank messaging provider believes could work into real-world solutions for its members. Forecasts for RWA market Various forecasts for the industry, including Standard Chartered and Synpulse’s estimate that the RWA market will reach $30 trillion by 2034, further add to this perspective. Swift plans to interlink traditional and emerging digital assets amid the tokenization boom. This is the path to real-world solutions that enable multi-ledger delivery-versus-payment and payment-versus-payment transactions, it said. When launched, both DvP and PvP aim at allowing for the real-time purchase and exchange of tokenized assets.

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Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network. cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield. cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC). The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage. Earning Bitcoin staking yields on Solv Protocol with cbBTC Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network. Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields. Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.

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