Swift, the world’s leading financial messaging network, has unveiled plans to develop a blockchain-based ledger aimed at modernizing international payments. The initiative, announced Monday, brings together more than 30 major banks—including JPMorgan Chase, HSBC, Bank of America, and Deutsche Bank—in a collaborative effort to test a prototype designed for real-time, 24/7 cross-border transactions.
The project will be powered by blockchain technology from Consensys, the U.S.-based software company founded by Ethereum co-creator Joseph Lubin. Swift’s initial goal is to make global payments faster, more transparent, and more cost-efficient for banks and their customers.
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SWIFT chooses Linea for blockchain testing
According to information gathered with @BukovskiBuko3, SWIFT and several major global banks (including BNP Paribas and BNY) have chosen @LineaBuild, the Ethereum layer 2 developed by @Consensys, to experiment… pic.twitter.com/EaWLg1IfKp
SWIFT pilots blockchain with Linea L2, using ZK proofs to boost privacy. 30+ banks join, eyeing a $4T stablecoin market by 2030.
But the vision extends beyond payments alone. The ledger is expected to support a broader range of digital assets, including stablecoins, tokenized deposits, and other blockchain-based instruments. By doing so, Swift hopes to create a bridge between traditional finance and the rapidly evolving digital asset ecosystem.
Large-scale adoption of blockchain in banking has long faced challenges such as fragmented systems and difficulties linking separate networks. By bringing a wide set of institutions under one framework, Swift is positioning itself to overcome those hurdles and provide a common infrastructure for next-generation financial services.
The move comes amid growing momentum around digital assets. Stablecoins, in particular, have attracted attention as a faster, cheaper alternative to legacy payment systems. Earlier this month, a group of nine European banks revealed plans to issue a shared stablecoin, underscoring the global appetite for blockchain innovation.
With its network spanning 11,500 institutions across more than 200 countries, Swift is uniquely placed to drive this transition. “We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future,” said Javier Pérez-Tasso, CEO of Swift.
