SWIFT developing stablecoin-like token and onchain messaging with Linea
The collaboration aims to streamline global bank settlements and enhance security in digital asset transactions.
Key Takeaways
- SWIFT is working with Linea on onchain messaging capabilities, marking a move toward deeper blockchain integration in global finance.
- The initiative aims to connect traditional banking with blockchain technology through secure, distributed ledgers.
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SWIFT, the global financial messaging network, is testing onchain messaging in collaboration with Linea, an Ethereum-compatible blockchain platform, and is also working on an interbank settlement token, according to The Big Whale.
The partnership represents a significant shift toward blockchain integration for the interbank network. The development focuses on creating secure blockchain transaction systems that bridge traditional banking with distributed ledgers.
Linea is an Ethereum Layer 2 built on zk-rollup technology, designed to deliver faster, lower-cost, and more scalable transactions while inheriting Ethereum’s security. Its native token, LINEA, supports ecosystem incentives and rewards ETH stakers bridged onto the network.
SWIFT’s onchain messaging experiment aims to support blockchain-based payment settlement beyond traditional messaging functions, emphasizing the distinction between digital cash transfers and comprehensive onchain activities.
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