Will SWIFT’s new crypto ledger choke or boost existing chains?

Will SWIFT’s new crypto ledger choke or boost existing chains?

SWIFT has announced it will add a blockchain-based ledger to its infrastructure stack. Built with Consensys, the new ledger will connect banks, tokenized deposits, and digital asset platforms directly to the world’s largest payments network.
This project isn’t a small pilot for SWIFT but a structural shift in its business, touching $150 trillion in annual cross-border transactions. It sets up a collision between bank-grade settlement infrastructure and the open rails that define the crypto industry and will force the market to deal with changes in liquidity when the world’s biggest payments network rewires its plumbing.
For decades, SWIFT has operated as the neutral layer moving trillions through secure messages between banks. Its new ledger, developed with Consensys, is not a standalone chain but an interoperability tool designed to stitch together digital asset platforms, tokenized deposits, and central bank digital currencies with existing fiat rails.
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