- Ripple CEO predicts XRP could handle up to 14% of SWIFT’s current cross-border payment volume by 2030.
- XRP aims to improve liquidity and reduce the need for banks to hold foreign currency for international transactions.
- Companies are turning to blockchain and cryptocurrency solutions to address inefficiencies and high costs in cross-border payments.
- Blockchain technology allows faster and cheaper global transactions compared to traditional banking methods.
- Major companies like Shopify and Uber are exploring or adopting stablecoins for international money movement.
Ripple CEO Brad Garlinghouse stated on June 11 at an event in Singapore that the company’s cryptocurrency XRP could capture as much as 14% of the cross-border payment volume currently processed by SWIFT within the next five years. This projection comes as businesses seek new technologies to streamline global financial transactions.
Garlinghouse explained that while SWIFT manages messaging between banks, XRP focuses on providing liquidity. “If you’re driving all the liquidity, it is good for XRP … so I’ll say five years, 14%,” he said during the XRP APEX 2025 event, as reported by Seeking Alpha.
Unlike traditional banks that need to store money overseas, XRP acts as a bridge currency, supporting nearly instant exchanges between different national currencies. This approach can help reduce delays and costs for international money transfers.
Recent data suggests that businesses are increasingly interested in alternatives to existing cross-border payment systems, such as those based on blockchain. These platforms promise to free up capital previously held in international correspondent accounts and to address the complex, slow, and expensive nature of global payments, according to a PYMNTS report from June 2024.
A separate PYMNTS Intelligence report found that blockchain’s distributed ledger technology can settle transactions in seconds, instead of days, and may reduce transaction costs by up to 80% compared to established financial channels. Permissioned decentralized finance, where participants have authorized access, could further cut costs for cross-border settlements.
The use of cryptocurrencies and stablecoins for payments is gaining traction among global companies. Shopify recently announced that merchants can now accept payments in USDC stablecoins, enabling businesses to sell internationally as easily as they do locally. Shopify said this would benefit merchants and buyers in different countries.
On June 5, Uber CEO Dara Khosrowshahi revealed the company is considering using stablecoins to manage money transfers between countries. Stablecoins are cryptocurrencies pegged to the value of the U.S. dollar or other stable assets, designed to minimize volatility. Khosrowshahi stated that they find this technology promising since it could help reduce costs associated with global payments. “That’s super interesting to us, and we’re definitely going to take a look,” he added, as noted by PYMNTS.
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