SWIFT Activates Own Blockchain Ledger, Threatening XRP's Claims

SWIFT, the global bank messaging network connecting over 11,500 institutions worldwide, has activated its own blockchain ledger. This move puts XRP's biggest claim to fame directly in the crosshairs.

The new ledger allows banks to pilot live transactions using their own tokenized deposits. Chainlink is providing a solution that lets banks connect to this system, while IBM has also introduced an adapter for standard payment messages.

Seventeen banks from six continents are currently testing the ledger, including major players like Citi, HSBC, UBS, and Standard Chartered. These pilots use tokenized deposits, which are digital representations of traditional bank money issued by participating banks.

The new blockchain ledger maintains a continuous record of what each bank owes others, enabling transactions even during off-hours. This feature could let businesses pay suppliers abroad on weekends instead of waiting until Monday.