XRP’s Worst Nightmare Could Be Here as SWIFT Rolls Out a New Blockchain Ledger for 17 Banks

Ripple’s (and XRP’s) worst nightmare could be here. The global banking network SWIFT just rolled out a new shared ledger to bring day and night banking to 17 global giants. Major banks like HSBC (HSBC), UBS (UBS), BNP Paribas (BNP), BNY (BNY), Wells Fargo (WFC), and Citi (C) are now preparing to run live test payments using digital tokens.

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This new ledger directly competes with the main selling point of crypto networks, which is moving money across borders at any time. Unfortunately for Ripple, this move hits right where it hurts. This move hits Ripple right where it hurts. The payments giant now risks losing its main edge if old-school banks can handle fast global transfers on SWIFT’s network.

Traditional Banks Want the Tech without the Crypto Market Risk

To make this happen, SWIFT announced on Thursday that its new ledger platform is ready for early use across six continents. The system creates a shared space where these banking firms can handle digital deposits across different blockchains. These deposits act as digital versions of regular bank money built on a bank’s own internal systems.

As a result of this design, SWIFT’s ledger lets banks move customer funds overnight and on weekends, filling a time gap in traditional finance. Final settlement still happens through the standard payment tracks that banks already use. The bank-owned network connects more than 11,500 groups worldwide and first shared the plans for this project last October. The platform is designed to work alongside current payment methods rather than completely replacing them.

SWIFT’s Ledger Threatens to Push Out Crypto Networks

Meanwhile, this move targets the exact multi-billion dollar market where independent stablecoins and tokens like XRP have been gaining ground by offering instant, off-hours transfers. Traditional banking bosses point to strict rules and risk controls as their main reasons for sticking to bank networks over digital assets.

In response to this demand, Thierry Chilosi, the chief business officer at SWIFT, outlined the strategy behind the launch. Chilosi stated, “With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money.”

Right now, SWIFT reports that 75% of the transfers on its network already hit their destination within 10 minutes, often arriving in just seconds. The new platform aims to match the speed of digital currencies while keeping the strict security of old financial systems intact. Giving everyday banks a way to run non-stop payments allows them to compete directly with blockchain tokens.

How Will this Impact XRP?

This tool could change the game for XRP because it takes away its biggest use case. XRP was built to help big financial firms settle global payments fast and at a low cost. If banks can now use SWIFT to do the exact same thing using their own regular money, they have no reason to switch to a volatile cryptocurrency.

Fewer banks using XRP means much less real-world demand for the token. This drop in utility directly hurts Ripple’s business model and makes it much harder for the coin’s price to grow in the long run.

At the time of writing, XRP’s price is sitting at $1.0944.

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