SWIFT Launches XRP-Inclusive Blockchain Ledger Pilot with 12 Major Banks

SWIFT’s long-anticipated move to launch its own blockchain ledger has arrived. This November, the Society for Worldwide Interbank Financial Telecommunications debuted a pilot version of the platform with 12 participating banks, several of which are well-known within the XRP community.

Ripple-Affiliated Banks Assess SWIFT’s Multi-Layer Crypto Infrastructure

HSBC is among the institutions slated to begin blockchain-powered operations. The British banking giant is connecting its Tokenised Deposit Service (TDS) to SWIFT’s new ledger. HSBC also relies on Metaco’s Harmonize platform for institutional digital-asset custody; Ripple acquired Metaco in 2023, further deepening the relationship.

HSBC has previously explored XRP Ledger capabilities in internal materials and aims to expand its blockchain-powered business operations. Operating on distributed ledger technology (DLT) chains such as Ripple’s XRP Ledger offers advantages including instant settlement and cost efficiency.

XRP Selected for Tokenized Funds and Custody Services

Other participants include Standard Chartered, another major British bank that has operated XRP-related technology since 2016. In October 2026, the traditional finance institution launched institutional custody for Ripple’s RLUSD stablecoin on the XRP Ledger through its Dubai International Financial Centre (DIFC) branch.

Also on the list are DBS and BNY Mellon. These two Ripple-linked banks serve different roles. BNY Mellon acts as the primary reserve custodian for RLUSD, while DBS has partnered with Franklin Templeton to list a tokenized money-market fund (sgBENJI) on the XRP Ledger, tradable against RLUSD on its digital exchange.

This development is separate from SWIFT’s broader project. While SWIFT’s blockchain ledger is designed to work with multiple DLT networks, Ripple’s XRP Ledger offers distinct advantages in regulatory compliance and native functionality. XRP, alongside Stellar’s XLM and Hedera’s HBAR, features native ISO 20022 support, the emerging global standard for financial messaging.

Can Ripple’s Multi-Trillion-Dollar Opportunity Drive Actual Adoption?

The global cross-border payments market processes more than $155 trillion annually and underpins international trade, remittances, and commerce. However, merchants acknowledge that the current system remains slow, expensive, and inefficient compared with blockchain-based alternatives. Seventy percent of merchants expect all transactions to settle instantly by 2027, aligning with SWIFT’s vision.

How much of that multi-trillion-dollar market Ripple’s XRP can capture remains to be seen. Regarding SWIFT, Ripple CEO Brad Garlinghouse has projected a 14% capture. Still, Ripple’s business activities do not always lead to blockchain adoption; in 2025, for example, Ripple Prime—the firm’s custody arm—processed over $13 trillion without involving cryptocurrency.

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