Rumors about SWIFT integrating XRP Ledger: Reality or just hope?

Recently, the cryptocurrency investment community has been abuzz with rumors that the global interbank network SWIFT may soon integrate Ripple's XRP Ledger. However, many claims surrounding SWIFT's interest in Ripple appear to have been exaggerated.

Although Ripple has established many partnerships with major banks in the field of cross-border payments, rumors related to SWIFT are still mainly based on speculation rather than verified facts. However, if this becomes a reality, it will be an important milestone in the integration of blockchain technology and traditional finance (TradFi).

Does SWIFT really integrate XRP Ledger?

After the U.S. Securities and Exchange Commission (SEC) signaled an end to the prolonged lawsuit against Ripple, the company has intensified its efforts to integrate its proprietary blockchain technology into the traditional financial system.

Recently, Ripple spent $1.25 billion to acquire the brokerage platform Hidden Road and launched its own stablecoin called RLUSD. These strong expansion moves have intensified rumors about the relationship between Ripple and SWIFT.

"In recent weeks, many influential figures in the industry have hinted that SWIFT is about to make an important announcement. It could be the official confirmation that XRP – via Ripple – will become a part of SWIFT's global payment infrastructure, which serves over 11,000 financial institutions worldwide," according to analyst John Squire's statement.

As one of the largest banking payment networks in the world, if SWIFT collaborates with Ripple, XRP will benefit significantly, even if it only handles a very small portion of SWIFT's daily transaction volume. This will not only enhance revenue but also promote the acceptance of XRP in the traditional financial sector.

In addition, the XRP supporting community has put forward many arguments about how XRP can assist SWIFT in upgrading the global payment infrastructure.

But is that possible?

However, most of these claims still face skepticism from the cryptocurrency community. It cannot be denied that XRP would benefit greatly if SWIFT actually integrates it, but currently, this information remains ambiguous and filled with sentiment.

John Squire's argument is based on two main points: Ripple is nearing the end of its lawsuit with the SEC, and SWIFT has been interested in Ripple's technology for many years.

"Ripple previously participated in interoperability pilot programs led by SWIFT in 2023. Recently, SWIFT also published a report mentioning the integration of distributed ledger technology (DLT), which referenced Ripple and XRP," Mr. Squire said.

However, the verifiable data shows that these claims are somewhat misleading. Numerous studies by global asset management firms have pointed to the potential for XRP integration, but SWIFT is not directly involved in those discussions. The pilot programs Squire mentioned were actually led by other financial institutions, not SWIFT.

Decoding the Rumors

It should be emphasized that John Squire is not the only source contributing to the spread of these rumors. In fact, XRP would benefit more from a collaboration, and that is precisely why optimistic expectations still exist.

For example, EastNets – a third-party partner specializing in licensing SWIFT software – once mentioned the possibility of integrating some of Ripple's technologies. Although there is no direct connection to SWIFT, this statement still contributed to raising confusion and excessive excitement.

In addition, Ripple's compliance with the global financial standard ISO 20022 has raised hopes that XRP could play a role in the modernized payment system that SWIFT is aiming for. However, the fact that both entities are adopting the same standard does not mean that they are collaborating.

Conclusion

Currently, information regarding SWIFT's integration of the XRP Ledger remains purely speculative without clear evidence. Although such a partnership – if it happens – would be a significant turning point for bringing blockchain into traditional finance, there is currently not enough evidence to suggest that this is imminent.

If SWIFT truly integrates the XRP Ledger, it will be a historic milestone, ushering in a new era for the cryptocurrency industry. However, at this point in time, it remains just a distant prospect.

You can check the price of XRP here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their due diligence before making any decisions. We are not responsible for your investment decisions.

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Thach Sanh

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