A new debate has erupted in the XRP (XRP-USD) community after SWIFT revealed a blockchain-based shared ledger built with ConsenSys and backed by more than 30 major banks, including JPMorgan (JPM) and Santander (SAN). The project will run on Ethereum’s layer-2 Linea network, confirmed by ConsenSys CEO Joe Lubin at Token2049.
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The announcement quickly reignited claims that XRP’s long-standing vision of replacing SWIFT is dead. Critics said the new rail, supported by global banks, left little room for Ripple’s token to compete.
But XRP researcher Anderson dismissed the chatter outright. In a post on X, he said that calling SWIFT an “XRP killer” is “hilarious.” His view reflects a growing consensus among XRP supporters that Ripple’s roadmap extends beyond competing directly with SWIFT, covering liquidity, remittances, and broader XRPL ecosystem use cases.
Why XRP Doesn’t Need to Replace SWIFT
Analysts argue that XRP’s utility is not tied solely to whether it beats SWIFT at its own game. The token already plays a role in several high-value areas of the digital economy.
In retail remittances, XRP is active in corridors such as the Philippines and Mexico, where platforms like goLance have confirmed its use for freelancer payments. In corporate solutions, companies like Japan’s SBI (SBHGF) have rolled out XRP-based remittances across Southeast Asia.
Beyond payments, the XRPL has evolved into an ecosystem that now supports decentralized exchanges, AMMs, DeFi staking, and tokenization. Developers are also experimenting with gaming and streaming payments, where XRP’s low fees and fast settlement give it an edge over traditional rails.
This diversification helps shield XRP from the risk of being outpaced by SWIFT’s experiment. Even if banks adopt their own blockchain solutions, XRP’s utility in non-bank contexts continues to grow.
Critics Say the “SWIFT Killer” Narrative Was Always Unrealistic
Not everyone agrees. Responding to Anderson’s post, community members noted that XRP holders had for years been sold on the idea that Ripple would one day replace SWIFT. Some argued that the claim was overconfident, pointing out that major banks were never likely to cede control of global payments to an outside network.
Instead, they argue, banks could upgrade their existing systems or, as in this case, build their own blockchains. SWIFT’s move to Linea may confirm that logic, raising doubts over XRP’s original positioning as a direct competitor to banking infrastructure.
Still, others say the market has already moved past that early vision, and that the token’s adoption in remittances, exchange custody, and DeFi shows its resilience.
Is SWIFT a Real Threat to XRP?
The short answer is yes and no. On one hand, SWIFT’s involvement with Linea is significant. The network processes $150 trillion annually, and banks like JPMorgan (JPM), Citi (C), and Santander (SAN) are already on board. That level of institutional backing could make it harder for XRP to penetrate traditional banking rails.
On the other hand, Ripple has pivoted toward building liquidity and payment solutions for underserved markets rather than betting its entire future on bank adoption. Transaction fees on the XRPL burn supply, while use cases in tokenization and streaming payments continue to expand.
For XRP, the key may not be replacing SWIFT but thriving in areas where SWIFT and the banks cannot or will not move fast enough.
At the time of writing, XRP is sitting at $3.0388.
