Swift and ConsenSys Launch Blockchain Ledger to Take On Stablecoins

Global payments cooperative Swift announced the launch of a blockchain-based shared ledger with more than 30 global banks and Consensys, aiming to deliver instant, 24/7 cross-border transactions. The ledger will use smart contracts, programs that automatically enforce transaction rules, and is positioned as a direct answer to competition from stablecoins. Swift unveils shared ledger to counter stablecoins The $300 billion stablecoin market, dominated by dollar-pegged tokens, enables users to transfer funds directly without intermediaries. Swift framed its initiative as essential to preserve relevance as regulators tighten oversight source: https://beincrypto.com/swift-launches-blockchain-ledger-payments/