SWIFT Confirms Blockchain Platform with ConsenSys to Rival Stablecoins
SWIFT, the global leader in cross-border payments, has officially confirmed the launch of a new blockchain-based platform. The project, developed in collaboration with ConsenSys (founded by Ethereum co-founder Joseph Lubin), is already supported by over 30 major banks, including JPMorgan, HSBC, Citigroup, Deutsche Bank, and BNP Paribas.
The platform is designed to provide 24/7 real-time payments, using smart contracts to record and verify transactions. SWIFT emphasizes compatibility with stablecoins, tokenized deposits, and CBDCs, positioning itself as the backbone of next-generation financial infrastructure.
CEO Javier Pérez-Tasso described the initiative as “a foundation for the next level of digital payments.”
The move comes amid the explosive growth of stablecoins:
Annual transactions could exceed $100T
This growth directly challenges SWIFT’s traditional model, where banks act as intermediaries. Stablecoins allow instant peer-to-peer transfers, raising the stakes for legacy systems.
European regulators have taken notice. ECB Chief Economist Philip Lane has warned of the risk that foreign stablecoins could dominate the eurozone. In September, nine European banks launched a euro-denominated stablecoin, underscoring the urgency for a digital euro.
Meanwhile, other blockchain solutions are gaining traction. In Qatar, QNB and JPMorgan rolled out Kinexys, a blockchain system enabling corporate cross-border payments in under two minutes — processing $3B daily out of JPMorgan’s $10T global flow.
With SWIFT entering the blockchain race, the global financial landscape is set for a shake-up. The battle between stablecoins and legacy payment networks will likely define the future of digital money.
📌 As covered by FORECK.INFO — stay tuned for updates on blockchain adoption in global finance.