VanEck positions XRP Ledger as rival to SWIFT and DTCC

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XRPL is rival to SWIFT

Highlights

VanEck sees XRPL as a potential competitor to traditional settlement systems.
XRPL may be useful for tokenized assets, where speed and operation outside banking hours matter.
The Ondo, JPMorgan, Mastercard and Ripple pilot showed tokenized Treasury redemption with on-chain processing in under five seconds.
XRPL’s role is currently hybrid: the blockchain moves the asset, while banks handle the fiat leg.

Why the SWIFT and DTCC comparison matters

SWIFT still mainly functions as a messaging network between banks, rather than a direct settlement layer. DTCC, meanwhile, handles clearing and settlement for U.S. securities markets, where transactions are usually not settled instantly. Traditional settlement systems were built for a market shaped by banking hours, intermediaries, and delayed clearing.

VanEck sees XRPL as a potential settlement layer for markets that need fast asset transfers, synchronization between blockchains and banks, and the ability to operate outside standard banking hours. That matters especially for tokenized assets, where investors increasingly expect near round-the-clock access to liquidity.

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Pilot with JPMorgan, Mastercard and Ondo

Institutional interest in XRPL has already produced a concrete example through a transaction involving tokenized U.S. Treasuries. Ondo Finance, Kinexys by JPMorgan, Mastercard, and Ripple completed the first near-real-time, cross-border, cross-bank redemption of a tokenized Treasury fund. In that setup, XRP Ledger processed the on-chain part of the transaction in under five seconds, while the cash leg moved through JPMorgan’s banking infrastructure.

The transaction showed a hybrid model: the blockchain handles the movement of the tokenized asset, while banks keep their role in fiat settlement and reconciliation. This does not fully replace traditional finance, but it can speed up operations that normally depend on banking windows, manual processes, and correspondent banking chains.

A new test for XRPL

For XRP Ledger, this is an important moment. The network has long been positioned as infrastructure for fast payments and settlement, but now its role is being tested in a more complex segment: tokenized Treasuries, institutional clients, cross-bank transactions, and fiat payouts.

Competition will be intense. JPMorgan is building Kinexys, Mastercard is developing its Multi-Token Network, and tokenized funds are already appearing on Ethereum and other blockchains. So the main question for XRPL is not whether it can process transactions in seconds.

The real question is whether banks, asset managers, and regulators will be willing to use a public blockchain as part of settlement infrastructure.

We have previously highlighted that current XRP Ledger cannot reach 1,500 transactions per second.

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