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Ethereum co-founder and ConsenSys chief Joseph Lubin appeared on Bloomberg Crypto on October 7 and confirmed that ConsenSys is building the prototype for SWIFT’s new blockchain-based shared ledger—an initiative that, according to SWIFT’s own announcement last week at Sibos in Frankfurt, will bolt a permissioned, always-on ledger into the global messaging cooperative’s infrastructure and natively integrate ISO 20022 financial messaging.

SWIFT Builds On Ethereum

Lubin said the first build “will most definitely implement messaging, financial messaging using ISO 20022,” adding that while SWIFT itself is “careful to stay in their lane and focus on the messaging part,” some participating banks are “interested in potentially diving down into settlement layers.”

“I have to be careful about what I say. It is a project that we’re building out. There will be technologists on their side and lots on our side. And I’m glad that you called it a prototype, because that’s what it is,” the ConsenSys founder added.

He declined to give a deployment timeline. “I do have an idea of what sort of timeline, and I can’t say too much about it. We’re defining what we believe will be the end state, and we’re backing that out, so I don’t know if SWIFT will be comfortable releasing the timeline at this point,” Lubin said.

SWIFT’s move—framed explicitly as a shared ledger that records, sequences and validates transactions—was unveiled on September 29, with the cooperative stressing that the project aims to deliver instant, 24/7 cross-border transactions at global scale and to accelerate “the transition to digital finance” while remaining asset-agnostic and interoperable with public and private networks. The formal materials did not name a base chain, but they did name ConsenSys as a core technology partner and emphasized ISO 20022 compliance and smart-contract-enforced business rules.

In his Bloomberg interview, Lubin underscored a broader strategic shift: the long-standing separation between “TradFi” and “DeFi” is breaking down. “Since the start of Ethereum, we had to stay on our own rail… the vibe in Frankfurt was very different,” he said, describing overwhelmingly positive bank feedback and calling it “about time for TradFi to merge or make use of DeFi.” He also characterized the current build as a true prototype with technologists “on their side and lots on our side,” reiterating that SWIFT would control the messaging scope while banks explore deeper layers like atomic settlement.

What “Using Ethereum” Means In Practice

While SWIFT has not officially specified the underlying chain in its press releases, multiple industry reports following Sibos and subsequent public remarks by Lubin say the prototype will run on Ethereum infrastructure—specifically ConsenSys’ Linea, an Ethereum layer-2 network that uses zero-knowledge proofs—positioning the build within the Ethereum ecosystem while maintaining a permissioned perimeter consistent with bank compliance requirements. That reporting aligns with ConsenSys’ own statement that it is “supporting Swift with early-stage prototyping” for the shared ledger.

The institutional context matters. SWIFT’s ledger initiative comes amid rapid growth in the $300 billion stablecoin market and a wave of bank tokenization pilots; its stated design goal is to extend existing rails rather than replace them, allowing banks to opt into tokenized processes where it improves speed, transparency, and finality.

Beyond SWIFT: Lubin’s Treasury Thesis

Lubin also used the Bloomberg segment to discuss the rise of “digital-asset-backed treasuries” (DATs) such as the Ethereum-focused vehicle he chairs at SharpLink. He argued that corporate ether accumulation is a “dampener on volatility,” describing ether as a “productive, yielding asset unlike bitcoin” when staked, and outlining a Berkshire-style flywheel in which a growing ETH base is deployed across Ethereum-aligned protocols for non-dilutive growth.

The strategic through-line is clear: if financial incumbents standardize on Ethereum-based rails for messaging and, increasingly, settlement, balance-sheet ETH becomes a strategic asset for institutions seeking exposure to the network’s activity and yield.

At press time, ETH traded at $4,484.

Featured image created with DALL.E, chart from TradingView.com

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• Linea token LINEA has jumped by over 14% to reach highs of $0.029 amid major SWIFT news.
• Reports say SWIFT and bank partners including PNB Paribas and BNY are set to test blockchain messaging system.
• SWIFT has selected Linea for the pilot.

LINEA, the native token of the Ethereum Layer 2 network Linea, has surged by 14% in the past 24 hours, with a sharp spike coming on the back of a major SWIFT announcement.

The token reached intraday highs of $0.029 as news emerged that the interbank messaging platform has selected Linea for testing its system on the blockchain. Gains saw LINEA outpace many altcoins that struggled amid broader crypto price turmoil.

SWIFT to test messaging system on Linea blockchain

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, which facilitates secure messaging for over 11,000 financial institutions across more than 200 countries, is embarking on a transformative experiment.

According to exclusive insights from The Big Whale, SWIFT has partnered with Consensys-developed Linea, an Ethereum Layer 2 solution, to explore migrating its core messaging system onto the blockchain.

Gregory Raymond, co-founder of The Big Whale, shared the news on X.

Exclusive @TheBigWhale_

SWIFT chooses Linea for blockchain testing

According to information gathered with @BukovskiBuko3, SWIFT and several major global banks (including BNP Paribas and BNY) have chosen @LineaBuild, the Ethereum layer 2 developed by @Consensys, to experiment… pic.twitter.com/EaWLg1IfKp

— Grégory Raymond (@gregory_raymond) September 26, 2025

The collaboration will also involve global banking giants, with over 10 banks including BNP Paribas and BNY.

SWIFT is also set to team up with over a dozen institutions on the project, said The Big Whale, with many of these already engaged in the initiative’s proof-of-concept phase.

According to a well-placed source, the project, though still in development, could herald a significant technological overhaul of the international interbank payments industry.

Why the layer 2 blockchain Linea?

Linea’s appeal lies in its emphasis on privacy, enabled by advanced cryptographic proofs.

The banks see this as aligning with the regulatory and security demands of the banking sector.

Linea offers an enterprise-grade infrastructure platform for global finance.

Per details on its website, the network already supports financial institutions like Mastercard, Visa and JP Morgan.

The Consensys-backed platform is designed for blockchain solutions, including tokenization, trading, payments, and onchain settlement.

It allows for integration with decentralized finance protocols, custodians, and real-world asset tokenization platforms.

LINEA price spikes amid news

SWIFT’s plans and The Big Whale’s report on the development triggered a notable market reaction from the LINEA community.

As the token soared over 14%, the price increase was accompanied with a 6% increase in daily trading volume to $353 million.

The gains saw Linea join the likes of Subsquid, Solv Protocol and Lombard in outpacing the top coins.

Linea price reached its all-time high of $0.04657 on September 10, 2025.

The uptick could, therefore, see bulls attempt to retest this level.

Holders and stakeholders will closely monitor the progress of SWIFT’s pilot as it unfolds.

Key takeaways

• The crypto market has turned bearish again after a temporary relief on Wednesday.
• HBAR is down 1% but could rally higher amid a bullish outlook.

SWIFT launches live blockchain trials featuring Hedera

HBAR, the native coin of the Hedera blockchain, is down 1.2% in the last 24 hours despite positive development within the ecosystem. At press time, HBAR is trading at $0.235, but could rally higher in the near term.

The negative performance comes despite the global payments network SWIFT launching live blockchain trials featuring Hedera. In addition to that, asset manager Grayscale filed a Delaware trust for HBAR, a move viewed by some as laying groundwork for a future spot HBAR ETF.

However, HBAR’s value hasn’t increased as the broader crypto market is still bleeding. The bearish market conditions can be attributed to the hawkish FOMC minutes released on Thursday. The recent inflation data and the hawkish FOMC minutes have dented hopes of a September rate cut by the Fed. 

This resulted in Bitcoin dropping below $113k while Ether continues to struggle around the $4,200 mark.

HBAR targets $0.25 despite bearish market conditions

The HBAR/USD 4-hour chart is bearish and efficient thanks to the market’s ongoing correction. The technical indicators are also bearish, suggesting that sellers are currently in charge.

The MACD lines are within the negative territory, while the RSI of 42 shows that HBAR’s current outlook is bearish. If the selling pressure continues, HBAR could drop below yesterday’s low and retest the Monthly low of $0.22461. The bulls would defend this support zone, as failure to do so could see HBAR drop massively to the $0.19 region.

However, the positive developments within the Hedera ecosystem could push HBAR’s price higher in the near term. HBAR could target the 4-hour TLQ at $0.243 before attempting to top the $0.25 level for the second time this week.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has recently articulated its vision for integrating with a tokenized future, emphasizing the crucial role of a messaging layer within tokenized payment systems. This approach is designed to merge the solid strengths of the messaging services of SWIFT with the creative potential of shared ledger technology.

CBDC DAILY: #Swift promotes the concept of a universal shared ledger. But based on messaging

I respect Swift, but the future will not look like the past.#CBDC #FinTech@efipm@Kiffmeister@sonjadav@Jonas__Gross@conrad_kraft@JoshuaLipskyhttps://t.co/lo2fPfBicK

— Richard Turrin (@richardturrin) March 22, 2024

SWIFT’s Stance on Tokenization and Shared Ledgers

SWIFT has observed rapid advancements in fintech, particularly in the area of tokenization and the development of shared ledger models. The organization, as a result, recognizes the ability of shared infrastructure to deliver live balance updates to all participants in a shared ledger.

SWIFT, however, also highlights the drawbacks of shared ledgers in processing huge data volumes. This limitation illustrates the need for a messaging layer that is capable of supporting transactions and data-intensive latter-day financial services, including compliance, anti-money laundering (AML) measures, and sanctions screening.

Role of Messaging in a Unified Ledger

The proposal from SWIFT presents an opportunity to utilize its already-in-place ISO-20022 messaging technology as the foundation of a new type of payment model that merges the best of both centralized and decentralized systems. This model assumes a state machine that can dynamically mirror the transaction and balance statuses within several institutions, that is, possibly built on a blockchain technology or centralized platform such as SWIFT Transaction Manager.

This kind of hybrid approach seeks to enable a smooth switch to the tokenized payment systems while also taking care of the regulatory needs and effective processing of financial transactions.

Addressing the Challenges of Adoption

SWIFT recognizes the difficulties and coordination problems with moving to a shared ledger system. The organization argues that the use of the existing components of the financial system, which are already integrated, can eliminate market concentration risks. It outlines a practical approach to the implementation of shared ledgers by improving existing platforms and methods to bring rich, structured data quickly.

This method would enable the significance of secure financial messaging services such as those offered by SWIFT to remain in the communication and execution of transactions in a tokenized world.

By advocating for a place within tokenized payment systems, SWIFT seeks to merge the gap that exists between traditional banking transactions and the new digital financial infrastructure that is gaining popularity. In their proposal of a model consisting of a messaging layer and shared ledger technology, SWIFT aims to address the industry’s need for an innovative and dependable system. 

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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