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SWIFT Begins Testing XRP and Hedera for Global $150T Payment System
In a groundbreaking move, global payment giant SWIFT has started testing Ripple’s XRP and Hedera’s HBAR tokens as potential solutions for its massive global payment system, which processes an astonishing $150 trillion annually. This trial marks a significant step towards integrating blockchain technology with traditional financial infrastructure.
According to reports, SWIFT is exploring the possibility of using XRP and Hedera for faster and cheaper cross-border settlements. The organization aims to align these trials with the ISO 20022 standard, ensuring seamless integration into its existing system.
XRP, known for its scalability and institutional connections, boasts a remarkable processing capacity of around 1,500 transactions per second. Its strong partnerships make it an attractive option for enterprise-grade payment settlement.
On the other hand, Hedera’s hashgraph technology enables it to handle more than 10,000 transactions per second with extremely low energy consumption. This feature aligns with the operational requirements of global finance infrastructure, underscoring its potential as a candidate for institutional recognition.
The timing of SWIFT’s experiments coincides with an increasing regulatory push worldwide. China has launched a stablecoin lab, while Hong Kong is considering yuan-backed stablecoins. The U.S. SEC recently introduced “Project Crypto,” aiming to clarify digital asset classifications. This development highlights the broader institutional shift towards blockchain adoption in financial systems.
SWIFT’s proactive stance on exploring XRP and Hedera solidifies its position as a pioneer in the field of cryptocurrency, placing both tokens in a special category of networks under real-world consideration.
The integration of XRP and Hedera into SWIFT’s payment system could significantly increase demand for these digital assets, potentially leading to price surges. This news marks an exciting milestone for the industry, showcasing the potential for mainstream adoption and institutional recognition.
Source: CoinCentral
Source: coincentral.com
