Last year, SWIFT announced that they would add a blockchain-based ledger to their ecosystem. In need to make cross-border payments immediate, this looks like a seismic shift. Right now, the 50-year old European financial conglomerate unifies over 11,000 financial institutions across the globe, offering their banking services to approximately 200 countries worldwide.
SWIFT Runs The Show For New Blockchain Partners
One particular partner is HSBC, the major British bank that’s been involved with Ripple’s XRP chain. The shaping of a tokenized digital financial system can’t ignore the popularity of XRP, which is already used by HSBC via Metaco’s Harmonize platform. Namely, Ripple acquired Metaco back in 2023.
This makes one fact clear – HSBC, a major bank that’s already guaranteed a seat at SWIFT’s table, is making use of the Ripple-owned Metaco Harmonize custody platform. Running infra on Ripple’s Distributed Ledger Technology (DLT) might not come as a surprise since SWIFT has been testing XRP in Q4 of 2025 on their rails, but this time there’s no room for speculation.
SWIFT’s CEO Javier Pérez-Tasso touched upon the topic of the intersection between TradFi & crypto in last year’s Sibos conference: “You may think, ‘Wow, aren’t those opposites? Swift and blockchain. TradFi and DeFi. Can they really go together?’ In the regulated system of the future, we believe they can. Banks are ready for it.”
Is XRP Ledger SWIFT’s Creme-de-la-Creme Choice?
This aligns with the broader utility-driven narrative for crypto in 2026, while SWIFT’s new ISO 20022 global messaging standard draws a line between utility coins & speculative assets. For SWIFT, altcoins like XRP, Stellar Lumens (XLM) & Hedera Hashgraph (HBAR) could serve as bridge assets in the new structure, but that’s to be determined.
One thing is clear – SWIFT is urging the blockchain industry to unite in putting together the pieces. With XRP’s SWIFT testing & the Metaco Harmonize acquisition, the OG altcoin looks like a top choice, but the broader perspective suggests that SWIFT’s preparing a multi-chain transition, rather than simply picking one lucky winner.
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SWIFT announced at Sibos 2025 a blockchain-based shared ledger for 24/7 cross-border payments and tokenized assets, developed with over 40 banks including HSBC.
HSBC adopted Harmonize in 2023 for digital asset custody, now owned by Ripple post-acquisition.
No official direct integration, but speculation points to testing XRP for liquidity in ISO 20022-aligned payments alongside HBAR and LINK.
It positions XRP for potential adoption in $25T daily flows as banks bridge TradFi and crypto, with Ripple’s fast, low-cost settlements complementing SWIFT’s upgrades—though outcomes hinge on pilots and regs.
