🌐Exclusive: SWIFT payments network access cut to crypto exchanges🌐

TheDinarian

News • Business • Investing & Finance

January 22, 2023

An extraordinary decision involving the global SWIFT payments network could have widespread implications on cryptocurrencies.

Asia Markets can reveal banks, including New York’s Signature Bank, will no longer process fiat currency transfers to cryptocurrency exchanges with a value of less than US$100,000 via the SWIFT network, effective from February 1, 2023.

The move will thwart cryptocurrency access to potentially thousands of customers.

One of the first crypto giants to notify users of the development this weekend, has been the world’s largest exchange, Binance.

“The banking partner that services your account has advised that they are no longer able to process SWIFT fiat (USD) transaction for individuals of less than $100,000 USD as of February 1, 2023. This is the case for all their crypto exchange clients,” said Binance.

“Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy and sell crypto with USD via SWIFT with a value of less than $100,000 USD.”

UPDATE: Statement from Binance

In a statement to Asia Markets, Binance has confirmed at this stage it will only be Signature Bank customers affected by the move.

Here’s the statement:

“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 USD as of February 1, 2023. This is the case for all of their crypto exchange clients.

“As a result, some individual users many not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.”

Signature Bank announced last week that it was in the process of reducing its exposure to cryptocurrencies.

Growing concerns about limiting access to crypto

Although SWIFT (an acronym for the Society for Worldwide Interbank Financial Telecommunication) is the world’s most critical financial network – facilitating trillions worth of international money settlements daily – it is a somewhat secretive Belgian-based cooperative.

SWIFT was in the headlines following the outbreak of war in Ukraine last year, when the United States and its allies cut off Russia from the network.

Such was the significance of cutting off Russia from the world’s most important financial network, the French finance minister described the move as a “financial nuclear option”.

Why banks involved in preventing SWIFT transfers have moved to unleash would could potential become a ‘cryptocurrency nuclear option’ for millions who don’t have the US$100,000 minimum, currently remains a mystery.

One theory, however, is that it could be a primer to Central Bank Digital Currencies, with Europe’s ECB set to begin testing a digital currency this year, with a full rollout mooted by 2026.

In a recent Capitalist Exploits Insider newsletter by Hedge Fund veteran, Chris MacIntosh, a summary of restrictions that have been proposed by the ECB on digital currency movements was provided.

We note the ideas in the screenshot below are only proposals by the ECB and its members. None have been formalised.

“I’d say bugger all chance they manage to get this implemented worldwide. The world is bifurcating fast as we promised, and with this split comes competition. We are in a war where it’s being fought on all fronts, one of those being finance,” said MacIntosh in the note to subscribers.

“The fact is we’ve a world working towards more decentralisation (folks moving out of cities, for example), secessionist movements globally, and not to mention blockchain technology and various other decentralised networks. This is all taking place while Davos man is attempting to coral us into ‘smart cities’, digital currencies, and so forth.”

More can read from Chris MacIntosh on this topic in the Capitalist Exploits Insider newsletter here.

Link

Bloomburg Clarifies:

So that’s Bitstamp, Bithumb, Binance, eToro, Huobi, Kraken (Payward), Nexo, OKX all cut off from Signature Bank. If SBNY is doing this, expect any remaining banks to do the same.- @MikeBurgersburg

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thedinarian@thedinarian

June 14, 2025

The Possible Impact Of USDC On The XRP Ledger And RLUSD

Key Points

It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.

Impact on Liquidity and XRP

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Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.

Key impacts include:

Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:

Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:

Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.

Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:

Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.

Source

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