By Chris Maurice, CEO and co-founder of Yellow Card
For years, industry headlines have circled around the same narrative: blockchain will kill Swift. The Society for Worldwide Interbank Financial Telecommunication, founded in the 1970s, has been the invisible layer behind trillions of dollars in global payments.
Yet its very design, slow, costly, and dependent on intermediaries, has made it an easy target for critics and innovators alike.
So, the idea that Swift is finally exploring blockchain use cases shouldn’t come as a shock. In fact, it was always inevitable.
The irony is that recreating Swift’s model on-chain is almost laughably simple: slow transactions down by three days, charge $50 per transfer, and call it innovation.
In that sense, blockchain doesn’t just challenge Swift; it exposes the inefficiency of its operating model. It’s no different than the car replacing the horse and buggy. Better systems make older ones obsolete.
If Swift wants to exist in 20 years, exploring blockchain rails is not a bold move. It’s a survival mechanism.
A Lesson From the Past
To understand Swift’s dilemma, it helps to look back. Imagine in 2005 if a major bank had announced: “We’re not building an app. We’re doubling down on in-person banking because people love branches.”
By 2025, that bank would be a case study in irrelevance. The Blockbuster Video of banking. Consumer behavior shifted, and most of us can’t remember the last time we physically visited a branch.
This is where Swift stands today. Real-time payments and stablecoins are no longer experiments but part of the plumbing of finance. In this environment, clinging to legacy rails is a fast track to obsolescence.
Even traditional payment giants have come to the party. Visa, for example, has partnered with Yellow Card to expand stablecoin-powered payments across emerging markets.
For millions of people and businesses navigating dollar shortages and high transfer costs, this is not a distant vision of the future but a present-day solution.
These partnerships highlight a broader truth. Traditional institutions are not just observing the shift to blockchain rails, they are participating in it because they know this is where the financial system is heading.
The Intermediary Dilemma
But here’s the harder truth: even if Swift successfully adopts blockchain, it still faces a structural problem. Blockchain exists to remove intermediaries. Swift’s business model depends on being one.
For decades, Swift has acted as the tollbooth of global finance. It doesn’t move money; it moves messages, ensuring banks can transfer funds across borders.
But stablecoins, tokenized deposits, and CBDCs are built to settle value directly. The need for a separate messaging layer diminishes when the value transfer itself is embedded in the technology.
This raises a difficult but necessary question: what does long-term revenue look like for an intermediary in a world built to cut them out? Updating technology is one thing. Reimagining value creation is another.
Swift’s Blockchain Gamble
To its credit, Swift has not ignored this reality. In 2025, it launched a blockchain ledger initiative in partnership with more than 30 major banks, including JP Morgan, HSBC, and Deutsche Bank.
The project aims to enable 24/7 cross-border payments and interoperate with stablecoins and tokenized deposits.
Swift has also partnered with Chainlink to prove it can act as a single entry point to multiple blockchains, sparing banks from building bespoke integrations with every new network.
These are strategically smart moves. Swift’s unique advantage is its vast network,11,500 institutions across more than 200 countries.
If it can extend that network into the digital asset era while preserving compliance and security, it could remain indispensable.
But pilots and prototypes alone won’t secure its future. The disruption is already playing out in real economies.
Lessons From Emerging Markets
Nowhere is the pressure on legacy rails clearer than in emerging markets, where the pain of outdated correspondent banking is most acute.
In Africa, stablecoins already account for nearly half of all crypto activity. For businesses facing dollar shortages and families dependent on remittances, stablecoins are not speculative assets but lifelines.
In Southeast Asia, crypto transaction volumes have surged to more than $2 trillion annually, with remittances increasingly routed through blockchain-based platforms.
In Latin America, where inflation regularly erodes local currencies, stablecoins are rapidly replacing dollar bills people cannot easily access.
These markets are demonstrating what happens when necessity meets innovation. They don’t wait for incremental reform, they leapfrog. And in doing so, they provide a glimpse of the global future of payments.
A Narrowing Window
Swift’s pivot to blockchain may buy it time, but time is not the same as relevance. The shift from horse-drawn carriages to automobiles wasn’t just about adopting wheels. It was about embracing an entirely new system of speed, efficiency, and culture.
Blockchain is no different. The rails are faster, cheaper, and borderless. The question isn’t whether Swift will adopt them, it’s whether it can reinvent itself quickly enough to remain valuable once it does.
Swift’s survival will depend on its ability to move beyond being a tollbooth. It will need to define new roles, perhaps as a trusted compliance layer, an interoperability hub, or a neutral bridge across digital asset ecosystems. But clinging to its traditional role as an intermediary is a losing bet.
The world is moving at the speed of innovation. And if history teaches anything, it’s this: when a better system arrives, the old one doesn’t just adapt, it must transform.
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