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- SWIFT is testing blockchain-based settlement with Consensys on Ethereum’s Linea network.
- Over 30 global banks, including Citi and Bank of America, are joining the trials.
- The move aims to counter stablecoin competition with faster, tokenized payments.
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SWIFT is partnering with Consensys and over 30 major financial institutions to test a blockchain-based settlement system. The initiative aims to bring real-time, 24/7 cross-border payments to banks worldwide, a move that could reshape global finance.
ConsenSys (The Ethereum Company) and Linea (an Ethereum Layer 2) are officially partnering with SWIFT, giving them access to 30 of the world’s largest financial institutions across 16+ countries.
— Ethprofit.eth 🦇🔊 (@Ethprofit) September 30, 2025
This is the BIGGEST move in crypto history, and it’s all happening on $ETH! 🔥 pic.twitter.com/GTH8FIPvS7
A Messaging Layer for Tokenized Assets
Rather than moving money directly, SWIFT’s prototype acts as a secure communication layer. It validates and records transactions on-chain while maintaining compliance with global regulations. The project is being tested on Ethereum’s layer-2 network, Linea, with Consensys leading development.
The system is designed to support tokenized assets, stablecoins, and other digital instruments. However, final decisions about which tokens will be used remain in the hands of central and commercial banks. SWIFT emphasizes interoperability, ensuring that new blockchain rails can integrate with existing infrastructure.
Stablecoins Drive Urgency for Change
The rise of stablecoins has accelerated demand for faster and cheaper payments. While traditional cross-border transfers can take days, blockchain networks can settle transactions in minutes. This speed has pushed institutions to explore alternatives.
SWIFT’s move reflects growing pressure to modernize. By integrating smart contracts and tokenized assets, it hopes to reduce reliance on legacy systems and keep pace with emerging stablecoin solutions.
Global Banks Join the Tests
Major banks including Bank of America, Citigroup, and NatWest are expected to participate in SWIFT’s trials. These tests will explore whether blockchain can efficiently process tokenized products alongside fiat.
Also Read: SWIFT Blockchain Ledger Enables 24/7 Cross-Border Payments
This builds on earlier efforts. In 2024, SWIFT partnered with UBS and Chainlink under Singapore’s Project Guardian to link tokenized funds with fiat payments. Qatar National Bank also joined JP Morgan’s Kinexys blockchain project, showing global appetite for real-time settlement systems.
A Step Toward Future Finance
If successful, SWIFT’s blockchain framework could bring instant settlement capabilities to its network of 11,500 institutions across 200+ countries. While challenges remain, the pilot underscores how traditional finance is adapting to a digital-first world.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
