SWIFT’s new blockchain ledger announcement has thrown cold water on the long-standing XRP narratives that it would one day replace the global payments giant, or used by it for payments.
Instead, the financial messaging leader is moving to reinvent itself in the blockchain era.
SWIFT Pushes into Blockchain
At its annual conference in Frankfurt, SWIFT unveiled plans to add a blockchain-based shared ledger to its infrastructure stack.
Notably, over 30 global financial institutions support this infrastructure. Prominent names among them include JPMorgan, HSBC, Santander, and Deutsche Bank.
SWIFT partners with 30+ institutions to develop a blockchain ledger for real-time, 24/7 cross-border payments using tokenized value. pic.twitter.com/fO90DAzNSH
— TheCryptoBasic (@thecryptobasic) September 29, 2025
The ledger will serve as a real-time, always-on log of cross-border transactions. The prototype, designed in collaboration with Consensys, seeks to deliver interoperability between existing fiat rails and digital asset ecosystems.
Moreover, smart contracts will govern transaction rules, while the ledger records and validates payments across networks.
SWIFT CEO Javier Pérez-Tasso framed the move as “paving the way for financial institutions to take the payments experience to the next level.”
Ripple’s Longstanding Pitch
Notably, for years, Ripple has marketed XRP and its underlying technology as a faster, cheaper, blockchain-powered alternative to SWIFT. Pantera Capital’s Dan Morehead recently summarized this view on CNBC, saying Ripple is “going after SWIFT.”
Ripple executives have also embraced this framing. In January, Senior VP Eric van Miltenburg said Ripple is building a “SWIFT-like update,” while CEO Brad Garlinghouse claimed the XRP Ledger could “capture 14% of SWIFT’s” transaction volume in five years.
However, with SWIFT now launching its own blockchain ledger, the argument that XRP will outright replace the incumbent faces new headwinds.
Community Reactions: “SWIFT Literally Destroyed the XRP Thesis”
The announcement has triggered intense discussion within the crypto community, particularly from the Chainlink camp, given its ongoing partnership with SWIFT. Proponents have taken jabs at the XRP community, saying their long-held ambition is collapsing before their eyes.
Specifically, Zach Rynes, a Chainlink community liaison, wrote on X that “XRP maxis just got completely BTFO” by SWIFT’s move. Another commentator remarked that SWIFT has “literally destroyed the XRP Thesis.”
SWIFT literally just destroyed the XRP thesis and confirmed the Chainlink thesis with one update https://t.co/SyDje7yWct pic.twitter.com/CY4pcXlTpj
— SWISH (@0xSwish) September 29, 2025
Rynes has often said that betting on XRP means hoping institutions will choose XRPL as their main ledger, a notion he considers far-fetched, given that institutions have the option to build their own chains rather than rely on existing ones.
Meanwhile, X user Krut noted that XRP holders were sold the fantasy that XRP would replace the SWIFT payment system and traditional banks. He criticized this belief as arrogant and misguided.
Krut pointed out how unrealistic it is to expect trillion-dollar financial institutions to willingly relinquish control to a new market entrant.
Instead, the more likely, and now unfolding, reality is that existing institutions are upgrading their infrastructure and adopting blockchain protocols to bring assets on-chain. At the same time, they are maintaining control over the market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
