Key facts
- Former SWIFT chief innovation officer Tom Zschach denied rumors of SWIFT integrating XRP or the XRP Ledger.
- SWIFT is developing its own shared ledger focused on tokenized bank deposits and interoperability.
- The SWIFT ledger will be built around regulated bank liabilities, not public tokens.
- XRPL is experiencing significant institutional adoption, including settlements of U.S. Treasuries and custody services.
- Ripple, while partnering with SWIFT, continues to promote XRPL-based stablecoins and on-chain settlement.
Tom Zschach, former chief innovation officer at SWIFT, has definitively dismissed ongoing rumors suggesting the global bank messaging network would integrate XRP or the XRP Ledger. Zschach clarified that SWIFT is actively developing its own shared ledger system, designed to handle tokenized commercial bank deposits and facilitate interoperability between traditional finance and distributed ledgers.
His direct statement, "Not happening," on X, contrasts with the growing institutional momentum on the XRP Ledger. Zschach emphasized that SWIFT's initiative is focused on regulated bank liabilities, distinguishing it from public cryptocurrencies like XRP. He previously highlighted SWIFT's role as a "messaging place" rather than a "money place," differentiating between messaging and settlement functions.
Despite the denial, advocates for XRP integration have argued that the two systems could complement each other. Zschach's statement effectively closes this possibility from SWIFT's perspective. Historically, Ripple CEO Brad Garlinghouse had predicted that XRPL could capture a significant portion of SWIFT's liquidity by focusing on settlement, an area SWIFT does not directly address. Zschach's denial reinforces the argument that XRPL can scale independently.
Meanwhile, the XRP Ledger is achieving notable institutional milestones without SWIFT's endorsement. JPMorgan, Ondo Finance, and Mastercard have successfully settled U.S. Treasuries directly on the ledger. Additionally, Clearstream has added XRP to its custody platform, and SBI in Japan has launched regulated tokens and stablecoins natively on XRPL. Ripple Prime has also integrated with DTCC's clearing platform.
Ripple itself is engaging with both traditional and decentralized systems. The company's Treasury joined the SWIFT Certified Partner Program in April 2026, signaling a continued interest in legacy rails while simultaneously promoting XRPL's independent growth, including its RLUSD stablecoins and on-chain settlement capabilities. Further underscoring XRPL's momentum, a major French bank is set to launch a euro stablecoin on the ledger.
Zschach's denial presents a clear message to XRP investors, potentially quieting integration speculation. However, the underlying case for XRPL's settlement capabilities remains strong, offering fast, low-cost transactions 24/7 without reliance on legacy intermediaries.