The globe’s top financial conglomerate urges blockchain technology companies to work together in order to find the best solution. “Every single institution is already in its journey to improve their service level to their clients”, – said SWIFT’s Thierry Chilosi, the Chief Business Officer (CBO).
SWIFT is leading a global cooperation with 30 major banking institutions, as well as consulting central banks in order to choose the best tokens & the most-effective blockchain-based settlement model. Among those with previously confirmed SWIFT testing are Ripple (XRP), Hedera Hashgraph (HBAR).
Notably, with the current model being network-agnostic, the current testing phase focuses on interoperability, cross-chain capabilities & cost-effectiveness. Hedera Hashgraph (HBAR) has been strong in live pilots, as the Distributed Ledger Technology (DLT) chain is extremely fast, able to carry out 10,000 transactions per second (TPS).
SWIFT’s Choice: Higher Limits Or Bigger Volumes?
For Ripple’s XRP Ledger, SWIFT is running a test in regards to the On-Demand Liquidity (ODL), which could pave the way for Ripple (XRP) to capture a piece of SWIFT’s $155 trillion annualized trading volume pie. Moreover, Ripple (XRP) leads in trading volume by quite a distance.
At $4.38 billion garnered across Spot markets, XRP’s big player status in cross-border markets is clear. For Hedera Hashgraph (HBAR), the regular trading volumes do not stand out from the rest of the contending altcoins. Besides, both OG altcoins are compliant with SWIFT’s new ISO 20022 global standard.
On Friday, the $189 million volume for HBAR was similar to XLM’s, another SWIFT candidate with a slightly larger market capitalization than HBAR. Despite this close competition, it was Hedera’s conference in Denver earlier this year that revealed a change in SWIFT’s strategy.
In the Denver HBAR conference, SWIFT’s Director of Industry Engagement Alisa DiCaprio explicitly stated that merchants will be looking to settle B2B transactions immediately, so the legacy banking system that takes 3-4 days to clear is no longer a durable option.
“In order to unlock that benefit of scale, we need to work together”, – explained Thierry Chilosi at the Sibos event today, seconding DiCaprio’s opinion. With the Q4 blockchain tests coming to a close, SWIFT’s next updates could be absolutely crucial in determining whether XRP or HBAR is SWIFT’s top choice.
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People Also Ask:
What recent SWIFT development involves XRP and HBAR? SWIFT completes its full migration to ISO 20022 messaging standard in late 2025, emphasizing interoperability and indirectly urging blockchain networks like XRPL (XRP) and Hedera (HBAR) to align for seamless integration in cross-border payments.
Why does SWIFT’s ISO 20022 shift favor XRP and HBAR? Both networks are fully compliant with ISO 20022, enabling richer data, faster settlements, and easier bridging between traditional banking and blockchain—positioning them as top utility players alongside XLM, ALGO, and others.
Which cryptos are highlighted as ISO 20022 compliant? Key ones include XRP (Ripple), HBAR (Hedera), XLM (Stellar), ALGO (Algorand), XDC, IOTA, and QNT—designed for institutional-grade payments and real-world utility.
Will this lead to direct cooperation between SWIFT and these blockchains? SWIFT explores blockchain interoperability via pilots and Chainlink integrations, but focuses on coexistence; full co-op remains speculative, with networks competing to capture SWIFT’s multi-trillion volume.
Who is likely to prevail in this space? XRP leads in institutional partnerships and liquidity, while HBAR excels in enterprise governance and speed—no clear winner yet, but both gain from the standardized messaging upgrade driving adoption.
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