SWIFT is piloting an "open network" for instant, free cross-border payments, exploring the Ethereum Layer 2 Linea developed by Consensys, with participation from 17 major banks including BNY Mellon and Wells Fargo. This initiative aims to address the disruption that stablecoins pose to traditional models, eliminate hidden fees, and improve efficiency, as SWIFT processes over 40 million messages daily from 11,000 banks. This move could enhance Ethereum's position in the institutional finance sector while challenging competitors like Ripple that have long targeted the SWIFT market.


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