Background of cryptocurrencies compatible with ISO 20022 gaining attention in the market

It has been several years since SWIFT announced the new financial messaging standard, ISO 20022. Few cryptocurrencies are compliant with this standard, and they have shown interesting price movements during the recent bull and bear markets. Notably, even the two major global cryptocurrencies, Bitcoin and Ethereum, do not have compatibility with this standard.

Impact of the New SWIFT Standard ISO 20022

ISO 20022 is an international standard designed by SWIFT to unify the information transferred between financial institutions. It harmonizes communication between different banks and enables automatic data exchange between systems. SWIFT is currently the world’s most important interbank settlement system and has been in operation for over 50 years.

The International Organization for Standardization (ISO) is a non-governmental organization based in Geneva, Switzerland. The transition to ISO 20022 began in 2022, with completion scheduled for 2025. This new standard is set to replace the existing SWIFT messaging system, forcing all financial institutions to adapt.

Reasons Why Only Certain Cryptocurrencies Are Selected for ISO 20022 Compatibility

Bitcoin was created in 2009, and Ethereum in 2015, so both existed before the announcement of ISO 20022. These projects already have established proprietary protocols, making adaptation to the new standard difficult.

On the other hand, XRP from Ripple is the most prominent cryptocurrency supporting ISO 20022. Founded in 2012, XRP is based on the decentralized blockchain called XRP Ledger, but its development guidelines are primarily led by Ripple Labs. Unlike Bitcoin and Ethereum, XRP’s structure allows a single company to make decisions, enabling rapid implementation of technical changes for ISO 20022 compliance.

This characteristic has been a key factor giving XRP a competitive advantage in conforming to the standard.

Major Cryptocurrencies Supporting the Standard

Currently, a total of 8 cryptocurrencies are confirmed to support ISO 20022.

XRP (Ripple) is undoubtedly the leader in standard compliance. As of October 2024, its price was below $0.60, but it surged sharply into early 2025. It first rose to $1.1, then to $2.7, surpassing $3 within days, reaching $3.2. This was the first time in seven years.

However, the all-time high of $3.8 in January 2018 was driven by a speculative bubble that achieved a +1,400% increase in just one month. Since then, during the bear market, it has fallen below $0.20.

ADA (Cardano) ranks second in market capitalization among ISO 20022-compatible cryptocurrencies. In October 2024, it was below $0.40 but then exceeded $1.20. However, it has not maintained the momentum seen with XRP. Its all-time high of $3.1 in 2021 remains distant, and current levels are only slightly above the 2018 peak.

XLM (Stellar) shows a similar pattern. It hit an all-time high of $0.9 in 2021, but by October 2024, it was below $0.10. It then rose above $0.50 but has since declined somewhat, remaining below the 2021 high.

Hedera (HBAR), a project launched in 2019, has followed a different trajectory. Its recent peak is comparable to its all-time high in 2021. From below $0.05 in October 2024, it surged past $0.36, then corrected to around $0.25. In 2025, it began a new upward trend, slightly surpassing last December’s peak.

Signs of Recovery in Struggling Projects

Algorand (ALGO) and IOTA have struggled throughout their entire existence. ALGO is down about 85% from its all-time high, and IOTA is down over 90%.

However, the arrival of 2025 has shown modest signs of recovery. ALGO rose from around $0.1 to $0.5, still far from its 2019 high of $3.2. IOTA increased from $0.1 to $0.4, but remains well below its all-time high of $5.7 in December 2017.

Both projects are still distant from their peaks in 2021. While there is potential for significant upward movement, they face the challenge of being long-term downtrends.

Market Divergence Between QNT and XDC

QNT (Quant) is currently down about 72% from its high, whereas XDC is down only about 30%. Both show different market trends but are still correlated with the overall crypto market.

QNT was very distressed until October 2024, near the lows of the 2022 bear market. XDC experienced a similar situation but then surged following the victory of Trump. Between November and December, it rose from $0.03 to over $0.09, and by 2025, it continued to grow past $0.13.

QNT saw a sharp rise from $56 to $165 between November and December but has since corrected below $120.

Structural Changes in the Cryptocurrency Market Due to ISO 20022

Adapting to the new SWIFT standard is not just a technical requirement but is increasingly influencing the structure of the cryptocurrency market. Cryptocurrencies compliant with the standard may have smoother integration into the financial system in the future.

Ahead of the full ISO 20022 migration deadline in 2025, compliant cryptocurrencies are attracting renewed attention from market participants. Projects like XRP, which clearly position themselves as standard-compliant, now offer a new value proposition of integration with traditional finance.