News & Articles

The international payment system SWIFT, serving over 11,000 financial institutions in 200 countries, has begun implementing a pilot project to integrate blockchain technologies into its infrastructure. According to The Big Whale, the Linea platform was chosen for the experiment — a scalable L2 network based on Ethereum, developed by ConsenSys, which is at the forefront of many key solutions in the Web3 ecosystem.

This step signifies not just a technical update, but a potential shift in the paradigm of global settlements — from a centralized model to a hybrid architecture that combines traditional banking protocols and decentralized finance (DeFi) tools.

Why Linea? Privacy, compatibility, and the Ethereum ecosystem

The choice of Linea is not accidental. Unlike many other L2 solutions, the network emphasizes transaction privacy — a critically important requirement for the banking sector. At the same time, Linea is fully compatible with the Ethereum Virtual Machine (EVM), which simplifies the integration of existing smart contracts and DeFi applications.

It is worth noting that Ethereum remains home to over 50% of all stablecoins and 70% of DeFi activity (according to DeFi Llama data for 2025). Banks participating in the pilot gain access to a proven, liquid, and regulated environment — unlike experiments with proprietary blockchains previously conducted by, for example, JPMorgan (JPM Coin) or HSBC.

Who is involved in the experiment?

More than ten of the world's largest banks will participate in the testing, including French BNP Paribas and American BNY Mellon — one of the oldest financial institutions in the US, actively investing in digital assets since 2021. Participants plan not only to adapt the messaging protocol for blockchain but also to explore the integration of stablecoins, such as USDC or EURC, into interbank settlements.

Interestingly, stablecoins — crypto assets pegged to fiat currencies — are becoming a bridge between traditional finance and blockchain. According to Chainalysis, the volume of transactions in stablecoins in 2024 exceeded $11 trillion, comparable to SWIFT's annual turnover in some currencies.

“Interbank token”: the next step for SWIFT

According to The Big Whale, SWIFT is simultaneously developing its own interbank token, which could become a universal tool for settlements in the new hybrid system. This resembles initiatives from other regulators: for example, Project mBridge, launched by the Bank for International Settlements (BIS) in collaboration with the central banks of China, the UAE, Thailand, and Hong Kong, has already successfully tested CBDCs (central bank digital currencies) for cross-border payments.

However, SWIFT's approach is fundamentally different: instead of creating a new currency, the system aims to adapt the existing infrastructure to the capabilities of blockchain while maintaining control and compatibility with current processes.

Why do banks need blockchain? Speed, transparency, programmability

The main motives for SWIFT's interest in distributed ledgers are the reduction of payment processing time (from several days to minutes), increased transparency, and the possibility of implementing programmable money. For example, smart contracts can automatically execute the terms of a deal — holding funds until the delivery of goods is confirmed or distributing payments according to pre-set rules.

This is particularly relevant against the backdrop of growing demand for instant cross-border payments: according to McKinsey forecasts, their volume will reach $250 trillion per year by 2027. Traditional systems, including SWIFT GPI, are already struggling to meet the increasing market demands.

Not a revolution, but an evolution

Despite the scale of ambitions, the project remains exploratory for now. However, it has already united a group of leading financial institutions that view it as a strategic opportunity to prepare for the future — whether it be full decentralization or a hybrid model of “fiat + blockchain”.

As experts note, SWIFT is not trying to compete with the crypto market; rather, it is integrating its best practices into the established system. This could serve as an example of how traditional finance and Web3 can find common ground — not through confrontation, but through cooperation.

Context: SWIFT and digital assets — a journey of years

Back in 2023, SWIFT launched a project for compatibility with various blockchains, including Ethereum, Polygon, and XRP Ledger. In 2024, an announcement followed regarding the testing of transactions with digital assets, including tokenized bonds and stocks. The current pilot on Linea is a logical continuation of this strategy aimed at creating a universal bridge between classical and digital financial worlds.

In a context where even conservative institutions like the US Federal Reserve and the European Central Bank are actively exploring CBDCs, SWIFT's steps appear not as an experiment but as a necessary adaptation to a new reality.