Chainlink Edges Out Ripple as Banks Flock to Tokenized Settlements

Ripple and Chainlink are two prominent players in the world of blockchain technology. While Ripple promotes XRP as an alternative to SWIFT, the traditional messaging network banks use for payments, Chainlink has focused on building solutions that let SWIFT connect with blockchain tech.

SWIFT has partnered with Chainlink and over 50 banks since 2023 on tokenized settlements, excluding Ripple from all initiatives. Meanwhile, RLUSD, Ripple's dollar stablecoin, holds $2.4 billion in circulation but operates on Ethereum for more than half of it, leaving XRP holders waiting.

Chainlink earns fees when CCIP processes messages, but no public fee structure exists for its SWIFT projects, making revenue uncertain. In contrast, Ripple has attracted business without significant traction for XRP, with many of its latest products sidestepping the coin.

Despite XRP's new access points for institutional investors and spot funds accumulating $1.7 billion since their launch, banks are yet to publicly commit to using XRP in live payment scenarios. Chainlink, on the other hand, has seen success with projects like Project Pangea, which enables immediate settlement for euro and Korean won stablecoin swaps.

In our assessment, Chainlink has a stronger case for winning bank business, given SWIFT's three-year testing partnership with Chainlink and numerous large banks. XRP's success hinges on surpassing its 2025 closing price of $1.84, while LINK's success depends on moving a SWIFT project from testing to a paid arrangement.