The Canadian banks are part of a group of more than 30 global financial institutions that will help Swift design and build the blockchain, which Swift said will “make instant, always-on cross-border transactions possible at unprecedented scale.” (The Logic)
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The Canadian banks are part of a group of more than 30 global financial institutions that will help Swift design and build the blockchain, which Swift said will “make instant, always-on cross-border transactions possible at unprecedented scale.” (The Logic)
Talking point: The announcement is yet another example of how seriously the Canadian banking sector is taking the passage of the U.S. GENIUS Act in July, which could pave the way for companies from Walmart to big banks to issue their own stablecoins, or crypto assets pegged to the value of the dollar. Stablecoins are cheap, settle instantly and trade 24 hours a day. If they become widely used for payments, that could bypass traditional financial players like Swift who would normally take a cut. Swift said it is starting with a prototype developed by Consensys, a blockchain software company headed by Canadian Ethereum co-founder Joe Lubin.
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