SWIFT Ditches XRP, Launches Its Own Blockchain with Big Banks

For years, fans of Ripple (XRP) have been convinced that SWIFT would one day adopt XRP as its bridge for cross-border payments. However, a former top executive at SWIFT has poured cold water on this idea, saying flat out that XRP integration is 'not happening.'

Tom Zschach, who spent six years as the network's Chief Innovation Officer before stepping down earlier this year, made his comments in response to rumors of a potential partnership between SWIFT and Ripple. Zschach has been critical of Ripple for a long time, calling its technology a 'fax machine' and questioning whether surviving a lawsuit proves a company belongs in global finance.

But what's more telling is not just Zschach's words, but what SWIFT actually did this week: it launched its own blockchain ledger with 17 of the world's biggest banks, including Citi, HSBC, Wells Fargo, and UBS. This new system uses tokenized bank deposits to facilitate cross-border payments that run 24/7.

Ripple itself has been running its own version of a global payment network for years, using XRP as the bridge asset that moves value between two different currencies. So while SWIFT choosing to use its own blockchain and tokenized deposits instead of XRP might be seen as a setback for Ripple fans, it's not actually a major blow to the company.

Ripple was never waiting on SWIFT in the first place, and its business stands exactly where it did before this week's announcement. The value of XRP rests on Ripple's own rails, partnerships, and payment volume, with or without a SWIFT deal.