SWIFT Teams with Linea on Blockchain Messaging and Stablecoin Pilot Involving $7 Trillion Network
The post SWIFT Teams with Linea on Blockchain Messaging and Stablecoin Pilot Involving $7 Trillion Network appeared on BitcoinEthereumNews.com. Key Takeaways: SWIFT is testing blockchain-based onchain messaging and a stablecoin-like settlement token with Linea. More than a dozen major banks, including BNP Paribas and BNY Mellon, are part of the pilot. The project could reshape global payments by replacing legacy systems with faster, cheaper blockchain rails. SWIFT, the backbone of global interbank communication, is taking a major step into blockchain. The financial messaging giant has partnered with Linea, an Ethereum Layer 2 network developed by Consensys, to test onchain messaging and a new stablecoin-style settlement instrument. With over 11,000 financial institutions depending on SWIFT’s current infrastructure, this shift signals one of the most ambitious blockchain experiments in traditional finance to date. Over the decades, SWIFT has been the prevailing network of sending safe interbank messages. Its system handles an estimated 7 trillion transactions in a single day but critics have always referred to it as outmoded, very slow, expensive and overly reliant on intermediaries. SWIFT seeks to simplify the settlement and reduce costs through innovation with blockchain to improve transparency. A source close to the pilot described the initiative as “a technological transformation for the international payments industry that will take months to develop but carries long-term systemic impact.” Read More: Apple to Integrate Cardano – New CardanoKit May Bridge ADA to iOS Ecosystem Linea: Privacy and Scale for Institutional Finance Why Linea Was Chosen SWIFT chose Linea due to the privacy and scalability it offered. Built as an Ethereum Layer 2 using zk-rollup and zkEVM technology, Linea enables faster transactions with lower fees while maintaining compatibility with Ethereum applications. In the case of banks, privacy is not a compromise. With its state-of-the-art cryptographic demonstrations, sensitive financial information can be kept safe and yet also permit operations inside the blockchain to be compliance-friendly. This is the balance that big…
The post SWIFT Teams with Linea on Blockchain Messaging and Stablecoin Pilot Involving $7 Trillion Network appeared on BitcoinEthereumNews.com.
Key Takeaways: SWIFT is testing blockchain-based onchain messaging and a stablecoin-like settlement token with Linea. More than a dozen major banks, including BNP Paribas and BNY Mellon, are part of the pilot. The project could reshape global payments by replacing legacy systems with faster, cheaper blockchain rails. SWIFT, the backbone of global interbank communication, is taking a major step into blockchain. The financial messaging giant has partnered with Linea, an Ethereum Layer 2 network developed by Consensys, to test onchain messaging and a new stablecoin-style settlement instrument. With over 11,000 financial institutions depending on SWIFT’s current infrastructure, this shift signals one of the most ambitious blockchain experiments in traditional finance to date. Over the decades, SWIFT has been the prevailing network of sending safe interbank messages. Its system handles an estimated 7 trillion transactions in a single day but critics have always referred to it as outmoded, very slow, expensive and overly reliant on intermediaries. SWIFT seeks to simplify the settlement and reduce costs through innovation with blockchain to improve transparency. A source close to the pilot described the initiative as “a technological transformation for the international payments industry that will take months to develop but carries long-term systemic impact.” Read More: Apple to Integrate Cardano – New CardanoKit May Bridge ADA to iOS Ecosystem Linea: Privacy and Scale for Institutional Finance Why Linea Was Chosen SWIFT chose Linea due to the privacy and scalability it offered. Built as an Ethereum Layer 2 using zk-rollup and zkEVM technology, Linea enables faster transactions with lower fees while maintaining compatibility with Ethereum applications. In the case of banks, privacy is not a compromise. With its state-of-the-art cryptographic demonstrations, sensitive financial information can be kept safe and yet also permit operations inside the blockchain to be compliance-friendly. This is the balance that big…
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