For years, advocates of Ripple and XRP have argued that the digital asset could eventually replace or be integrated into the global financial messaging network SWIFT.
That expectation took a significant hit this week after SWIFT revealed plans to implement its own blockchain ledger, making it clear that the organization intends to modernize its infrastructure without relying on XRP.
SWIFT Introduces a Blockchain-Based Ledger
At its annual conference in Frankfurt, SWIFT announced the development of a blockchain‑powered shared ledger designed to enhance cross‑border payments. The initiative has gained backing from over 30 major global financial institutions, including JPMorgan, HSBC, Santander, and Deutsche Bank.
The prototype, developed in collaboration with Consensys, will function as a continuous, real‑time record of international transactions. By integrating smart contracts, the system aims to automate settlement rules and ensure consistent validation of payments across networks.
The project also emphasizes interoperability, seeking to connect existing fiat payment systems with emerging digital asset ecosystems. SWIFT CEO Javier Pérez‑Tasso described the effort as an important step toward providing financial institutions with a more efficient and future‑ready payments infrastructure.
Ripple’s Competing Vision
Ripple has long positioned XRP and the XRP Ledger as faster and more cost‑effective alternatives to SWIFT’s traditional messaging framework. The company’s executives have repeatedly argued that XRP could handle a significant share of global settlement activity.
Earlier this year, Ripple’s Senior Vice President, Eric van Miltenburg, described the company’s technology as a ‘SWIFT‑like update. Also, CEO Brad Garlinghouse projected that the XRP Ledger could capture a large portion of SWIFT’s market share within five years.
This new announcement from SWIFT, however, makes such claims increasingly difficult to sustain. By building its own blockchain ledger, SWIFT clearly indicates its intentions to remain central to the global payments ecosystem while retaining control over its infrastructure.
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Industry and Community Response
The development sparked strong reactions within the cryptocurrency community. Members of the Chainlink ecosystem, which already collaborates with SWIFT, highlighted the implications for XRP holders.
Chainlink community representative Zach Rynes argued that the announcement undermines the narrative that XRP would serve as the primary settlement layer for banks and other institutions.
Other commentators pointed out that XRP supporters have long believed large financial institutions would adopt external blockchains like XRPL.
Critics argued that these expectations overlooked the possibility that established institutions would instead develop their own solutions or collaborate with others, thereby maintaining control over market infrastructure.
SWIFT’s decision to pursue a blockchain‑enabled ledger marks a key moment in the evolution of cross‑border payments. Instead of using external networks like XRPL, global banks seem to be focusing on upgrading their current systems to make them compatible with digital assets.
This development poses a significant challenge to XRP’s long‑held narrative that it would replace or complement SWIFT.
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