Will S.W.I.F.T.’s Announcement of Plans for a Blockchain-Based Ledger Include a Stablecoin? I’ll Believe It When I See the Fees.
When S.W.I.F.T. dropped its latest announcement, it sounded like a sea change: the world’s dominant payments network will add a blockchain-based shared ledger to its infrastructure stack. The promise? Faster, 24/7 cross-border settlement, interoperability across networks, and the ability to move “regulated tokenized value” with smart contracts and compliance baked in.
On its face, that’s big news. But let’s separate what’s actually happening from what people might assume.
What S.W.I.F.T. Actually Announced
Infrastructure, not issuance: S.W.I.F.T. is building the rails, not minting tokens. It wants to provide the trusted backbone for banks and institutions to move tokenized assets.
Global coalition: More than 30 financial institutions across 16 countries are involved in shaping the design.
Compliance pitch: The ledger will sequence and validate transactions, enforce rules via smart contracts, and claim to carry forward S.W.I.F.T.’s brand of resilience and neutrality.
No fees disclosed: The announcement makes zero mention of transaction fees, settlement charges, or revenue models.
How This Fits With the GENIUS Act
In the U.S., the GENIUS Act of 2025 defines what counts as a legitimate “payment stablecoin.” Only permitted issuers—subject to OCC oversight, reserve audits, disclosure, and compliance rules—can legally issue stablecoins. Foreign issuers can participate if their home regimes are deemed “comparable” by Treasury.
That means any “real” stablecoin running on S.W.I.F.T.’s new ledger will still need to come from a regulated issuer, not S.W.I.F.T. itself. The ledger could host GENIUS-compliant stablecoins, but it doesn’t automatically create one.
So, Is This a Stablecoin?
Not yet.
S.W.I.F.T. has not announced a token, a peg, reserve requirements, or redemption rights. Without those, this is infrastructure—not money. A true stablecoin requires full reserves, redemption at par, and ongoing compliance with U.S. law (or its foreign equivalent).
The Missing Piece: Fees
Here’s where skepticism is warranted. Any payments rail lives or dies by its economics. Will S.W.I.F.T. charge banks a toll per transaction? Will issuers pay access fees? Will consumers feel the costs at the point of transfer?
Until S.W.I.F.T. reveals its fee structure, it’s impossible to know whether this ledger will compete with existing stablecoin rails—or simply become another expensive intermediary.
Bottom Line
S.W.I.F.T. is signaling that tokenized finance is real, and it wants to stay relevant as settlement shifts from batch-based messaging to real-time blockchain rails. That’s significant.
But don’t confuse an infrastructure upgrade with a stablecoin launch. Until we see a regulated issuer using this ledger to launch a GENIUS-compliant token—and until S.W.I.F.T. discloses its fees—the promise of a “S.W.I.F.T. stablecoin” remains more speculation than reality.
I’ll believe it when I see the fees.