Swift’s $1.5 quadrillion payment network faces a blockchain test as crypto challengers seek to replace it while banks bet on its ability to adapt.

Executives expect stablecoins, tokenized deposits and existing banking rails to coexist rather than one system winning outright, but fragmentation looms as banks build proprietary ledgers and issuers operate across multiple blockchains. Swift's Pouderoyen said a shared interoperability layer on trusted infrastructure could preserve Swift's role, letting banks plug in via existing connectivity. Yellow Card's Maurice countered that if major banks like JPMorgan settle directly on blockchain, Swift becomes an extra layer, leaving open who displaces whom first.

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• Crypto
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• Payments