# Settlement Related Articles

Ripple Chiseled a Crack in the Wall, but Swift Tore Down the Entire Wall

At the Sibos 2025 conference, Swift announced the integration of a blockchain-based shared ledger into its infrastructure, built on Consensys' Ethereum Layer-2 network Linea, to enable secure, real-time, and interoperable digital finance. This move, supported by major banks like JPMorgan and Citibank, aims to bridge traditional finance with tokenized assets using zk-EVM technology for faster, cheaper, and more transparent settlements. While Ripple pioneered blockchain-based cross-border payments with XRP Ledger and achieved significant legal and operational milestones—including court victories against the SEC and expansion into 40+ markets—its reach remains limited compared to Swift’s global network of over 11,000 institutions. Ripple’s model relies heavily on XRP as a bridge currency, whereas Swift’s asset-agnostic approach supports multiple currencies, stablecoins, and CBDCs, reducing dependency on any single asset. Swift’s adoption of blockchain signals a major shift in global finance, potentially freeing trillions in trapped capital and enabling 24/7 real-time settlement. This transition from legacy systems to mathematically verified transactions represents a convergence of TradFi and DeFi, positioning Swift to dominate the next era of value transfer.

marsbit12/23 03:27

Ripple Chiseled a Crack in the Wall, But Swift Tore Down the Entire Wall

At the Sibos 2025 conference, Swift announced a major evolution of its financial infrastructure by integrating a blockchain-based shared ledger to support tokenized assets and enable secure, real-time, and interoperable global transactions. The new system, built on Consensys' Ethereum Layer 2 network Linea, uses zk-EVM rollup technology to reduce costs and settlement times while meeting banking security standards. Over 30 major banks, including JPMorgan and Citibank, are participating in the pilot. The article reflects on Ripple’s long-standing effort to challenge traditional cross-border payments using XRP and RippleNet, which has seen adoption in retail and corporate remittances despite earlier regulatory challenges. However, Swift’s move represents a broader and more systemic shift. Unlike Ripple’s XRP-dependent model, Swift’s ledger is asset-agnostic, supporting CBDCs, stablecoins, and fiat currencies, and leverages its existing network of over 11,000 institutions. This transition marks a convergence of traditional and decentralized finance, enabling 24/7 settlement, reducing reliance on pre-funded accounts, and potentially freeing up trillions in trapped capital. By adopting a neutral, interoperable, and highly scalable blockchain framework, Swift is positioned to redefine global value transfer—moving from a legacy telegraphic model to a digitally-native, mathematically-verified system.

深潮12/23 02:52

Tokenized US Treasurys surge 50x since 2024, marking shift toward on-chain finance

Tokenized US Treasurys have experienced explosive growth, surging 50x from under $200 million in January 2024 to nearly $7 billion by late 2025. This rapid expansion is driven by rising institutional demand for on-chain yield and marks a significant shift toward blockchain-based finance. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) leads this market with almost $2 billion in assets, offering daily yield accrual and on-chain settlement. Other key products include offerings from Circle, Superstate, and Ondo Finance. Tokenized Treasury bills are becoming a crucial gateway for institutional DeFi adoption, combining the safety of US government debt with the efficiency of blockchain settlement. They are increasingly used for collateral management, margining, and improving capital efficiency.

cointelegraph12/22 17:10

Crypto Exec Warns Tokenization Is Moving Faster Than Expected

bitcoinist12/22 13:32

Binance let suspicious accounts move millions after $4.3B US plea deal: Report

Binance reportedly allowed 13 suspicious accounts to move approximately $1.7 billion in crypto, including $144 million after its November 2023 $4.3 billion plea deal with U.S. authorities. Internal documents show accounts from Venezuela, Brazil, Syria, Niger, and China exhibited red flags, such as a Venezuelan account receiving $177 million and changing bank details 647 times in 14 months. Another account, accessed from Caracas and Osaka within 10 hours—a physical impossibility—processed $93 million. The activity raises questions about Binance's compliance upgrades promised in its settlement, which included enhanced monitoring and due diligence. The report follows former President Trump’s pardon of Binance founder Changpeng Zhao in October.

cointelegraph12/22 13:29

Understanding Tokenization: Distinguishing the DTCC Model from the Direct Ownership Model

The article clarifies the key differences between two distinct tokenization models in the securities market: the DTCC model and the direct ownership model. The DTCC model, recently approved by the SEC, involves tokenizing "security entitlements" within the existing, multi-layered intermediary system. It creates a digital twin of these rights on a blockchain to improve operational efficiency, enable 24/7 transfers between institutions, and reduce costs, all while preserving the core benefits of the current system, such as netting and centralized liquidity. Crucially, it does not tokenize the underlying shares themselves, and ownership remains indirect. In contrast, the direct ownership model tokenizes the shares themselves, recording ownership directly on the issuer's share registry. This approach enables self-custody, peer-to-peer transfers, and full composability with on-chain DeFi applications. While this model sacrifices the efficiency of netting and leads to fragmented liquidity, it offers unprecedented functionality and disintermediation. The article concludes that these are not competing visions but complementary paths serving different needs. The DTCC model modernizes the core of the public markets for institutional scale and stability, while the direct ownership model fosters innovation at the edge. The ultimate winner is investor choice, as both paths will coexist, offering a broader market interface with more options for all participants.

marsbit12/22 12:36

Finance Goes 'Invisible': How Stablecoins Are Becoming the New Arteries of the Digital Economy

This article explores the transformative role of stablecoins as the "new arteries" of the digital economy, moving finance into an "invisible" infrastructure layer. Key developments include Coinbase's major product upgrades, positioning it as an "Everything Exchange" that integrates trading, derivatives, stablecoins, and AI-driven services. Stablecoin adoption is accelerating, with Visa now allowing USDC settlements within the U.S. banking system, marking a structural shift in settlement layers. Regulatory progress is evident as U.S. authorities conditionally approve federal trust bank charters for firms like Ripple and Circle, while the FDIC advances stablecoin rules. New stablecoin products and payments integrations are emerging, such as PayPal's PYUSD for YouTube creator payouts and ADNOC's adoption of a national stablecoin at gas stations. Major financial institutions, including JPMorgan, are actively exploring tokenized deposits and assets on public blockchains. The growth of gold-backed stablecoins and national strategies like the UAE's push for asset tokenization further highlight the expansion of stablecoins beyond pure currency use cases into broader economic infrastructure. However, JPMorgan analysis suggests stablecoin growth may be limited by competition from bank-issued tokenized deposits and CBDCs, projecting a market cap of $500-600 billion by 2028.

比推12/22 06:12

SEC's "Two-Year On-Chain" Prophecy: The Tokenized Restructuring of the DTCC Clearing System

SEC Chairman Paul Atkins predicts the full migration of the U.S. financial markets—including stocks, fixed income, treasuries, and real estate—to blockchain infrastructure within two years, marking the most significant structural shift since the 1970s. This transformation, driven by the "Project Crypto" initiative and legislative support like the GENIUS and CLARITY Acts, enables tokenization under regulatory clarity. Key institutions, including BlackRock (tokenizing treasury funds on Ethereum) and J.P. Morgan (with its Kinexys platform), are leading the adoption. The DTCC, via its DTC subsidiary, has secured an SEC no-action letter to bridge traditional CUSIP systems with tokenized assets, ensuring compliance and interoperability. Benefits include T+0 settlement, enhanced capital efficiency, 24/7 market access, and improved transparency. Challenges involve balancing real-time settlement with netting efficiencies, privacy concerns, and systemic risk amplification. Tokenized money market funds (TMMFs) exemplify the fusion of traditional safety with blockchain programmability. The move integrates TradFi and DeFi, with DTCC acting as the core infrastructure for a unified, tokenized financial ecosystem.

marsbit12/22 02:14

Tokenization will disrupt finance faster than digital disrupted media: Crypto exec

Tokenization will transform finance faster than digital technology disrupted media, according to MoonPay president Keith Grossman. He argues that real-world asset (RWA) tokenization will force traditional financial firms to adapt, citing examples like BlackRock and Franklin Templeton already offering tokenized funds. Major banks are also exploring onchain settlements. Grossman believes institutions that embrace this shift will succeed, while those resisting will fall behind. Benefits include 24/7 market access, global scalability, lower costs, and near-instant settlements. Regulatory progress, such as the SEC and CFTC working on round-the-clock market frameworks and the DTCC’s approval to launch tokenized U.S. Treasuries by 2026, signals accelerating adoption.

cointelegraph12/21 22:19

Is Ethereum undervalued? These 2 on-chain signals say…

Ethereum has underperformed in 2025, declining roughly 12% YTD while assets like gold and equities climbed. However, two key on-chain signals suggest it may be undervalued. First, Ethereum's network remains the dominant settlement layer for global dollar liquidity, processing $90-100 billion in stablecoin transfers daily, as users prioritize security and finality over lower fees. Second, large holders are accumulating more ETH even as prices approach their average cost basis, showing patience and confidence despite squeezed profits. This indicates underlying strength that price action alone may not reflect.

ambcrypto12/21 20:02