Fireside Chat

on YouTube ↗21m

" summary

SWIFT describes a blockchain layered atop its messaging network called the SWIFT ledger that banks can use to settle interbank cross‑border payments with deposit tokens as an alternative to nostro‑vostro accounts. The chat frames trust as a boundary issue (on‑chain actions vs off‑chain reserves), cites CLS handling $10 trillion daily, DTCC eyeing up to $100 trillion of tokenized treasuries, and predicts large cross‑border flows moving on public chains (Citi projects $5.5 trillion).

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" chapters (42)

1. 0:00Introduction
2. 0:28Meet CMT Digital and Tom Zschach
3. 1:08Was Speed Ever What Held Institutions Back
4. 1:28Why Institutions Need Certainty Above All
5. 2:22What the Crypto Crowd Misunderstands About SWIFT
6. 3:06SWIFT as a Messaging Network
7. 3:26What SWIFT Is Not: No Value, Settlement, or Custody
8. 3:49Adding Density and Endpoints With the SWIFT Ledger
9. 4:05SWIFT as a Coordination Network for Trust
10. 4:41What Blockchains Need to Replicate SWIFT
11. 5:03Why SWIFT and Blockchains Do Different Things
12. 5:30SWIFT as the Original DAO
13. 5:56How the SWIFT Ledger Works
14. 6:25Cross Border Payments With Deposit Tokens
15. 6:51What Trust Means Across TradFi and Crypto
16. 7:33Why External Dependencies Are the Hard Part
17. 8:11Stablecoins and the Boundary Issue
18. 8:32What Gets Tokenized First
19. 9:02Why Demand for Digital Money Is Clear
20. 9:20Liquid Markets: Bonds and Treasuries First
21. 10:02Why Dispute Prone Assets Come Later
22. 10:45SWIFT as the First DAO Revisited
23. 11:22Incumbency on Blockchain Rails
24. 11:43Why a Single Chain Undermines Neutrality
25. 12:14Why a Multi-Chain World Is Better
26. 12:49Room for More Open Governance
27. 13:10Leveling the Playing Field With DeFi
28. 13:39Tokenization Primitives Like Transferable KYC
29. 14:31Why He Calls It Finance, Not TradFi
30. 14:49Tokenization Transforming Capital Formation
31. 15:18Why Transformation Takes Time
32. 15:45What Convinced Him From Inside the Incumbent
33. 16:07CLS and $10 Trillion Daily FX Settlement
34. 16:32Why FX Settlement Was an Early Blockchain Use Case
35. 17:25Getting Banks Hooked Into Digital Assets
36. 17:47The Missing Pieces for Institutional Scale
37. 18:21Why Scale Breaks Across Venue and Chain
38. 18:51Why Credentials Must Travel With the Asset
39. 19:12ZK and Solving
40. 19:35Five Years Out: Value on Public Blockchains
41. 20:09Citi's $5.5 Trillion Projection
42. 20:42Closing

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