SWIFT’s Blockchain Move Rekindles The XRP Debate

Kamilah Stevenson, a prominent wealth couch, argues that SWIFT’s decision to build a blockchain-based settlement system without XRP does not eliminate the need for XRP’s proposed cross-border liquidity role.

In the episode, she addresses what she calls one of the strongest objections facing XRP holders: if the banking messaging giant can operate with tokenized bank deposits, why would institutions need a bridge asset?

The question matters because SWIFT connects more than 11,000 banks globally and remains central to international payment instructions. Stephenson says SWIFT announced in July that 17 major banks across six continents were lined up to pilot its system, including Citi, HSBC, Wells Fargo, UBS and Standard Chartered.

SWIFT Chose Tokenized Deposits, Not XRP

According to Kamilah Stevenson, SWIFT’s platform uses a version of Ethereum and tokenized bank deposits—digital representations of conventional commercial-bank money—within a closed, bank-controlled environment. “It does not use XRP,” she says, acknowledging that the development has been widely presented as a challenge to XRP’s investment case.

Her central distinction is between moving the same currency and converting between currencies. A tokenized dollar can move more efficiently between institutions that hold tokenized dollars, she argues, but it does not independently solve the need to exchange dollars for euros, yen or other currencies.

That conversion process still requires liquidity on both sides of a transaction. In traditional correspondent banking, institutions maintain pre-funded accounts in different jurisdictions to ensure payments can clear—a system often associated with idle capital and operational complexity.

The Bridge-Asset Pitch: a Problem To Be Solved?

Stevenson’s case is that XRP, if adopted as designed, could reduce the need for separate liquidity pools for every currency pair. Rather than holding balances across multiple corridors, a participant could exchange local currency for a neutral bridge asset, move it quickly, and convert it into the destination currency.

“Swift’s new system, as impressive as it is, does not solve it,” she says of the cross-currency liquidity problem. But the video does not offer evidence that banks will choose XRP for that role, and SWIFT’s decision to pursue tokenized deposits underscores that financial institutions may favor controlled, institution-led systems.

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