SWIFT, the global financial messaging cooperative, has moved its blockchain-based ledger into live production with participation from more than a dozen banks, marking a significant step in the integration of distributed ledger technology into traditional financial infrastructure. The organization expects another six institutions to join the initiative before the end of 2026, as banks increasingly explore blockchain-based settlement and tokenized financial assets.

Jack Pouderoyen, SWIFT's digital assets product lead, said more than 12 banks had already conducted live transactions through the production-grade ledger environment. The initiative began as a distributed ledger pilot approximately one year earlier.

The rollout has attracted attention from XRP market observers, who argue that the expansion of institutional blockchain infrastructure could create new opportunities for Ripple's payment network and its associated digital assets — including XRP, the native token of the XRP Ledger, and its dollar-pegged stablecoin RLUSD. The potential benefits for XRP, however, depend on whether financial institutions actively use the token for settlement and cross-currency transactions.

SWIFT Targets Interoperability Between Bank Networks

SWIFT, formally the Society for Worldwide Interbank Financial Telecommunication, provides secure financial messaging services to more than 11,000 institutions worldwide. Its blockchain initiative is designed to address interoperability challenges that are emerging as financial institutions build separate distributed ledger networks, since banks increasingly require infrastructure that allows different blockchain systems to communicate and exchange information securely.

Pouderoyen identified interoperability as a central requirement for the next phase of institutional blockchain adoption, particularly as financial institutions establish independent networks for tokenized deposits and digital asset transactions. The transition from experimental pilot to live production signals that institutional adoption is advancing beyond experimentation toward operational financial applications.

According to SWIFT, the institutions preparing to pilot 24/7 tokenized cross-border payments on the ledger include ANZ, BNP Paribas, BNY, Citi, DBS Bank, First Abu Dhabi Bank (FAB), FirstRand, HSBC, Itaú Unibanco, Lloyds Banking Group, Mashreq, MUFG, OCBC, Standard Chartered, UBS, UOB and Wells Fargo. The participating banks are headquartered across Asia-Pacific, Europe, the Americas, the Middle East and Africa, matching the global-from-day-one scope SWIFT described in its announcement.

Implemented in 9 months. Global from day one. Swift's blockchain-based ledger is ready for use, with ANZ, BNP Paribas, BNY, Citi, DBS Bank, First Abu Dhabi Bank (FAB), FirstRand, HSBC, Itaú Unibanco, Lloyds Banking Group, Mashreq, MUFG, OCBC, Standard Chartered, UBS, UOB and Wells Fargo preparing to pilot 24/7 tokenised cross-border payments.

This is a significant step towards scaling tokenised finance powered by the standards, security and global reach the industry relies on.

By combining distributed ledger technology with Swift's secure messaging network, the ledger:

• Enhances liquidity efficiency
• Improves cash flow visibility
• Enables seamless token recognition

What's next? This is the first use case. The ledger creates a foundation for future innovation in areas like programmable money and agentic commerce, and we're continuing to explore more use cases with our community – helping to take tokenised money closer to scalable, real-world adoption.

Find out more:

#Ledger #Tokenisation #CrossBorderPayments

— Swift (@swiftcommunity) July 9, 2026

Crypto commentator X Finance Bull believes the expansion could eventually strengthen XRP's position in institutional finance by increasing demand for interoperable settlement networks.

BNY Mellon and Standard Chartered Expand XRP-Related Services

X Finance Bull also highlighted developments at two major financial institutions with existing connections to Ripple and its stablecoin, RLUSD.

In October 2026, BNY Mellon announced that its Digital Asset Custody platform supports XRP and RLUSD. The bank also serves as the primary reserve custodian for RLUSD, providing institutional custody infrastructure for the dollar-pegged stablecoin.

Standard Chartered has expanded its own relationship with Ripple, which dates back to 2016. In October 2026, the bank introduced institutional RLUSD custody through its Dubai International Financial Centre branch, supporting custody services on the XRP Ledger. Standard Chartered is additionally working with Ripple and LMAX Group to explore the use of RLUSD as collateral in institutional trading.

Together, these developments could strengthen the infrastructure supporting digital asset custody, stablecoin liquidity and institutional trading.

Tokenized Funds Expand Across the XRP Ledger

Institutional tokenization initiatives are also contributing to the growing activity surrounding the XRP Ledger.

DBS Bank and Franklin Templeton are collaborating with Ripple on tokenized money-market fund products and RLUSD integration. Their initiatives include Franklin Templeton's sgBENJI fund, with trading planned through the DBS Digital Exchange.

Aviva Investors launched a tokenized share class of its Sterling Liquidity Fund on the XRP Ledger on October 26, 2026. The broader fund manages approximately £22 billion, equivalent to around $29.6 billion.

In Brazil, financial infrastructure provider CSD BR is collaborating with Ripple to tokenize investment fund shares using the XRP Ledger's Multi-Purpose Token standard.

These initiatives demonstrate how the XRP Ledger is attracting institutional applications beyond payments, including fund tokenization, digital custody and financial asset management.

XRP's Bridge Currency Role Remains Dependent on Demand

In X Finance Bull's assessment, XRP's most significant opportunity could emerge from its ability to function as a bridge currency between different financial assets. The XRP Ledger includes an automatic bridging mechanism that can route transactions through XRP when doing so provides the most favorable liquidity. That could allow transactions between tokenized currencies, such as euros and Brazilian reais, to use XRP as an intermediary asset.

Ripple's collaboration with C2FO on its Instant Pay system points to another potential application. The initiative uses the XRP Ledger and RLUSD to accelerate early payments to approved suppliers.

The commentator cautioned, however, that tokenization alone would not automatically generate demand for XRP. Banks and market makers must actively use the token for currency conversion and settlement to create meaningful liquidity requirements.

Institutional Adoption Could Shape XRP's Outlook Through 2030

Looking toward 2030, the commentator expects tokenized securities, digital currencies and institutional settlement services to become increasingly important. He identified actual foreign exchange transactions routed through XRP, the development of tokenized currency markets and expanding digital custody services as important indicators of adoption. Nearer term, the six additional institutions expected to join before the end of 2026 and the rollout of the 24/7 tokenized cross-border payment pilots give observers concrete milestones to track.

For investors, the distinction remains between expanding blockchain infrastructure and actual demand for XRP. SWIFT's production rollout and the institutional custody initiatives around Ripple's ecosystem provide opportunities for greater integration, but XRP's long-term value proposition will depend on whether these developments translate into substantial transaction volumes using the token.

This article originally appeared on CoinTrust.