SWIFT Stuns XRP with Major Blockchain Breakthrough

Ripple's ambitious goal of taking 14% of SWIFT's volume by 2030 seems increasingly unlikely. XRP payment volumes are trending downwards, and SWIFT is making strides in blockchain adoption.

Last week, Standard Chartered and HSBC carried out their first bank-to-bank transfer of tokenized deposits using SWIFT's blockchain ledger. This milestone demonstrates that SWIFT can adapt to new technology without being replaced by it.

SWIFT's successful push into blockchain adoption is part of XRP's problem. Tokenized bank deposits and stablecoins offer a more compelling form of payment and money transfer than XRP, as they are pegged to traditional currencies and provide regulatory protection.

Ripple has already issued its own stablecoin and acquired Rail, a stablecoin platform, but these moves benefit Ripple's shareholders rather than XRP holders. SWIFT boasts relationships with over 11,500 institutions in more than 200 countries, making it a formidable competitor to XRP.