With the global financial infrastructure seeking for a revamp to make payments easier & faster, several blockchains have been named as contenders to do the trick. Half a year ago, SWIFT’s Director of Industry Engagement acknowledged that the financial conglomerate is testing HBAR, but Ripple’s XRP Ledger wasn’t out of the question.
What’s Going On Between SWIFT & Ripple (XRP)?
Just a few weeks ago, Ripple’s CEO Brad Garlinghouse stated that Ripple’s technology is ready to compete with SWIFT, potentially bringing XRP to a cross-border payment market worth $155 trillion. Instead of the popular SWIFT & XRP Ledger collaboration narrative, Mr. Garlinghouse was certain that XRP Ledger should replace SWIFT due to the difference in capabilities.
Last weekend, these rumors started swirling once again, but this time the collaboration claims are backed by software developers. In one of their X threads, software dev Vincent Van Code explained his rationale for SWIFT’s use of XRP Ledger for inter-bank payments.
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If true, this collaboration would gradually reshape global finance, solidifying XRP coin’s liquidity to unprecedented levels.
Right now, Ripple (XRP) takes up a massive trading volume of $10.55 billion in 24 hours, which is larger than some of the most popular stablecoins, such as USDC or FDUSD.
In comparison, Hedera’s Distributed Ledger Technology resides in daily trading volumes below $1 billion, even though the numerical dominance of HBAR is clear with 10,000 transactions per second (TPS) against Ripple’s (XRP) 1,500 TPS.
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People Also Ask:
SWIFT aims to modernize its $155T payment system with blockchain for faster, cheaper transfers. XRP and HBAR offer instant settlements and low fees.
XRP excels in bank-integrated, real-time payments via RippleNet. HBAR offers high-speed, energy-efficient transactions using hashgraph tech.
No, both are in testing phases with no confirmed partnership. Ripple has more bank integrations; HBAR is gaining enterprise traction.
Faster settlements (seconds vs. days), lower costs (fractions of a cent), and reduced need for intermediary banks or pre-funded accounts.
SWIFT’s entrenched network, big regulatory hurdles for crypto, and competition from solutions like Chainlink’s CCIP could delay integration.
