Is Chainlink Overtaking XRP as the Banker’s Coin? SWIFT & UBS Pilot Points the Way
- UBS pilot with SWIFT and Chainlink showed how banks can settle funds on blockchain without changing their existing systems.
- XRP remains central in cross-border payments, but Chainlink is gaining ground as the bridge linking traditional finance with blockchain.
Chainlink has taken another step into the banking world after a pilot with SWIFT and UBS. The trial shows how banks can move funds on blockchain without leaving their existing systems. This model raises new questions about whether Chainlink could challenge XRP’s position as the bankers’ favorite coin.
SWIFT and UBS Test Chainlink for Fund Settlement
Leading global payments network SWIFT has been working diligently on ways to link its messaging system with blockchain. In one of its pilots, it partnered with ConsenSys and Chainlink to test how tokenised assets could be managed across major banks.
UBS, a banking giant with about $6.6 trillion in assets under management, was part of this trial. The process was simple on the surface. UBS sent a standard SWIFT message, which was then handled by Chainlink’s Cross-Chain Interoperability Protocol. That message was turned into blockchain instructions, and transactions such as subscriptions, redemptions, and settlements were completed on-chain.
Chainlink and XRP Competition Growing | Source: CryptosRus
Interestingly, what made this test stand out was that UBS did not have to replace its own systems. The bank kept using the tools it already relies on, while Chainlink operated in the background. This setup means that banks could keep their familiar front-end while letting blockchain power the back-end.
For the financial industry, this could be the most practical way to bring blockchain into daily use without forcing banks to change everything at once. This pilot suggests that Chainlink is building a path for traditional institutions to quietly enter the blockchain space. Instead of hype, the focus is on function, and the model could be repeated across more banks in the future.
In another strategic development, as noted in our earlier post, Chainlink launched its new Digital Transfer Agent (DTA) standard. This is a system designed to modernize how fund managers and administrators handle tokenized assets.
XRP’s Place and Chainlink’s Expansion
The rise of Chainlink has stirred debate in the crypto space. XRP has long been called the banker’s coin, especially in talks about cross-border payments and central bank digital currencies. Some believe XRP will always hold that role once CBDCs become mainstream. Others point to Chainlink’s growing role in connecting blockchains and handling the work behind the scenes.
Outside of banking, Chainlink is also powering other projects. As we discussed earlier, Worldcoin adopted Chainlink’s technology to connect its new WorldChain network with Ethereum. This move allows safe token transfers and actions across chains. With Worldcoin already serving more than 35 million users, the partnership could help build stronger tools and new applications.
What is becoming clear is that the future will not depend on a single coin. XRP may continue to serve as a tool for payments, while Chainlink strengthens its place as the bridge that links different systems together. Both have roles to play, but Chainlink’s recent steps show it is not just an outsider. It is becoming part of the structure that banks may one day use every day.
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