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SWIFT Plans Blockchain Launch in Partnership with Consensys Amid Payment Battles
SWIFT is developing a blockchain network in collaboration with Consensys to enhance cross-border payment efficiency. This initiative is not a direct competition with Ripple but part of a broader effort to shape the future of digital money.
Key Developments:
- SWIFT partners with Consensys to create a blockchain-based digital ledger for faster and cheaper international transactions.
- The prototype stage involves testing by major banks like JP Morgan and Deutsche Bank.
- The infrastructure supports regulated stablecoins and tokenized assets, linking private and public blockchains.
- SWIFT's approach allows financial institutions to adopt the platform without abandoning existing systems.
Implications for SWIFT:
- The rise of stablecoins threatens SWIFT's traditional role in global payments, prompting its entry into the blockchain race.
- If banks start using stablecoins directly, reliance on SWIFT's messaging network could decrease.
- SWIFT aims to maintain its position as stablecoins and tokenized money gain popularity, ensuring its influence in international payments.
Authors credited by the source: Sandra White
Published by Holder based on an external source.
