Crypto pundit Pumpius has explained how the XRP Ledger fits into SWIFT’s plans to process on-chain payments through its partnership with banks. This came as the pundit alleged that SWIFT plans to use the network as the front end rather than its own distributed ledger.
XRP Ledger’s Role In SWIFT’s Plan For On-Chain Transactions
In an X post, Pumpius alleged that SWIFT is quietly whitelabeling the XRP Ledger front-end while pretending that the network is their innovation. He made this comment in response to news that SWIFT plans to launch 24/7 cross-border payments using blockchain technology in partnership with over 25 major banks.
Pumpius further alleged that SWIFT has been running pilots with Ripple partners, bridging ISO 20022, and that now it is clear what they are trying to achieve. He declared that the old financial guard is being forced to adopt what they spent years fighting. The pundit added that SWIFT is adopting the Ledger because XRP has always been the neutral bridge asset they could never build themselves.
However, it is worth noting that SWIFT has announced it is developing its distributed ledger in partnership with ConsenSys to enable 24/7 cross-border payments. SWIFT is also developing the ledger in partnership with over 30 financial institutions, which will use it. So far, there hasn’t been any mention of SWIFT using the Ledger as Pumpius claims.
However, crypto pundit Archie pointed out that some of these banks that SWIFT has partnered with are also Ripple’s partners, a development he said is the ultimate bull signal for holders. The pundit suggested that these banks could still integrate in one way or another, even as they move to create their own distributed ledger.
BIS Highlights XRP’s Dominance Among Top 5 Cryptos
Archie drew attention to the Bank for International Settlements post, which highlighted XRP as one of the major cryptocurrencies investors were seeking exposure to. The pundit again described this as the ultimate bull signal. The BIS released its updated Basel III monitoring dashboard and identified the altcoin as one of the top 5 cryptocurrencies for which underlying banks are reporting exposures.
XRP is notably mentioned alongside Bitcoin, Ethereum, and Solana. Archie noted that banks worldwide are now classifying and disclosing their holdings under the global regulatory framework. He added that traditional finance (TradFi) is no longer fighting crypto but is instead measuring and preparing for its adoption. Based on this, he declared that the floodgates are opening and that the original bridge asset, which is XRP, is already inside the system.
At the time of writing, the altcoin’s price is trading at around $1.40, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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