Swift choosing Consensys means the enterprise-bank stack is converging on EVM tooling, even when the ledger stays permissioned. The bar is not a demo: JPM Coin was already settling about $1B a day in 2023, and stablecoins are roughly a $300B market moving 24/7. A 17-bank pilot protects Swift’s 11,500-institution moat, but it only matters to DeFi if value can touch public rails like Ethereum, Base, or Arbitrum.

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