HSBC said the transaction over the Contour trade finance blockchain platform slashed the time normally taken to process letters of credit.
The bank said the blockchain letter-of-credit transaction – between mining giant Rio Tinto and Chinese firm Baosteel – was the first to be denominated in yuan.
The bank has signed on to a blockchain-based trade finance network from Contour with the aim of bringing corporate settlements into the digital realm.
Standard Chartered has invested in Contour, the recently-rebranded Voltron blockchain trade finance platform digitizing letters of credit for financial institutions.