Over a dozen major banks are involved with the interbank network\u2019s blockchain experiment, according to a report by The Big Whale.<\/p>\n
SWIFT, the global financial messaging network, has reportedly selected Linea, an Ethereum Layer 2 (L2) blockchain developed by Consensys, to explore going on-chain, as well as developing a potential stablecoin<\/a>, according to an exclusive report<\/a> by The Big Whale. <\/p>\n The project, which is reportedly still in development, already involves more than a dozen major financial institutions, including BNP Paribas and BNY Mellon, Gr\u00e9gory Raymond, co-founder of The Big Whale, said in a post<\/a> on X on Friday, Sept. 26. <\/p>\n A source from one of the participating banks described the initiative to The Big Whale as \u201can important technological transformation for the international interbank payments industry,\u201d noting that the project will take several months to materialize.\u201d <\/p>\n SWIFT is currently comprised of over 11,500 institutions across more than 200 countries and territories. According to its website, the equivalent of the world\u2019s GDP passes through its network roughly every three days. <\/p>\n Linea was reportedly selected by SWIFT for its advanced privacy features, which enable banks to test blockchain functionality without compromising sensitive data, the report noted. The L2 has a total value locked (TVL) $1.37 billion. It recently launched its LINEA token<\/a>, which is currently trading at $0.02766, up 8.2% over the past 24 hours. <\/p>\n The Defiant reached out to Consensys for comment and confirmation, but a spokesperson declined to confirm or deny details about the project.<\/p>\n If the project is indeed in the works, it could signal SWIFT\u2019s broader push toward blockchain adoption. Analysts say the move could also help SWIFT remain competitive against blockchain-based payment networks like Ripple.<\/p>\n In the past, public figures like President Donald Trump\u2019s son Eric Trump have called SWIFT \u201cantiquated\u201d and \u201cbroken.\u201d <\/p>\n \u201cThere\u2019s nothing that can be done on blockchain that can\u2019t be done better than the way that the current financial institutions are working,\u201d Eric Trump said earlier this year <\/a>at the Token2049 event in Dubai. \u201cSWIFT is an absolute disaster.\u201d<\/p>\n The initiative also underscores the growing interest among traditional financial (TradFi) institutions in stablecoins and tokenized assets. Stablecoins currently boast a market capitalization of $295.79 billion, up 42% since January, per DeFiLlama.<\/p>\n