For years, XRP investors waited for SWIFT to integrate Ripple's token into its payment system. However, this week, a former top SWIFT executive and Chief Innovation Officer, Tom Zschach, put an end to these rumors with two words: 'not happening.'
Zschach was speaking out against the idea that XRP would replace SWIFT as the network for cross-border payments. He has been critical of Ripple in the past, comparing its technology to a 'fax machine' and arguing that surviving a lawsuit doesn't prove a company belongs in global finance.
SWIFT's own blockchain ledger went live this week, with 17 major banks participating, including Citi, HSBC, Wells Fargo, and UBS. Instead of using XRP as the bridge currency, these banks will be sending each other tokenized deposits, which are digital versions of their existing money.
Ripple's own business model is not dependent on SWIFT adopting its token. The company runs its own payment corridors, has partnerships with major banks, and issues its own dollar stablecoin in RLUSD. Ripple Prime recently cleared over $3 trillion in volume across 300 institutional clients.