Key Takeaways:
- SWIFT will build its new 24/7 blockchain-based payment system on Linea, an Ethereum layer-2 network by Consensys.
- Major banks including JPMorgan, Citi, and Bank of America are testing the system, positioning Linea as a potential rival to Ripple’s XRP Ledger.
- Consensys CEO Joe Lubin envisions Linea enabling broader decentralized infrastructure and community-led applications beyond payments.
Consensys CEO Joe Lubin has confirmed that SWIFT, the global payments messaging network, will build its new blockchain-based settlement system on Linea, the Ethereum layer-2 developed by Consensys.
Earlier this week, SWIFT announced a partnership with Consensys and 30+ major financial institutions to create a 24/7 real-time crypto payment platform, though it initially avoided naming the underlying blockchain.
JUST IN: SWIFT working on stablecoin and “onchain messaging” using Linea. pic.twitter.com/OrPOOxoGjs
— Whale Insider (@WhaleInsider) September 26, 2025
At Token2049 in Singapore, Lubin revealed Linea as the foundation, suggesting the cautious rollout was meant to ease banks into the transition.
Linea is a zk-EVM rollup network with $2.27 billion TVL, ranking fourth among Ethereum’s layer-2s.
While it currently processes ~1.5 transactions per second, it offers much lower costs than Ethereum’s base chain.
SWIFT processes ~$150 trillion annually, and shifting even part of that volume to blockchain rails would be a landmark move.
Institutions including Bank of America, Citi, JPMorgan, and Toronto-Dominion Bank are involved in testing.
The project positions Linea as a potential rival to Ripple’s XRP Ledger, while also serving as a broader platform for decentralized governance and applications, which Lubin described as a vision for “user-generated civilization.”