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SWIFT and Stripe move
SWIFT said it would expand a blockchain-based settlement network after completing pilot work with 17 global banks, and it is now working with more than 40 financial institutions.
“Swift said Tuesday it would expand a blockchain-based settlement network after completing pilot work with 17 global banks”
CoinDesk reported that Stripe followed immediately with an unsolicited $53 billion bid for PayPal, a deal framed as combining one of the world’s largest merchant payment networks with one of the biggest consumer wallet businesses.
CoinDesk said Swift connects more than 11,500 financial institutions and handles messaging for trillions of dollars in cross-border payments, while Stripe processes hundreds of billions of dollars a year for millions of businesses.
CoinDesk added that PayPal has more than 439 million active accounts and processed $1.79 trillion in 2025, placing the proposed merger at the center of a race over where digital payments settle and who controls the rails.
Executives frame the prize
Ilies Larbi, founder and CEO of Ouinex, said, "It’s a race to control the next generation of global payment infrastructure," as the contest shifts from proving blockchain technology to controlling distribution.
Jason Li, co-founder of Solayer and CEO of MPCVault, argued that the deal is about consumer reach, saying, "Getting 400 million people to actually use a stablecoin is what costs $53 billion."
CoinDesk described the proposed Stripe–PayPal combination as a way to reduce dependency on intermediaries like Visa or Mastercard while also gaining access to PayPal’s consumer wallet.
CoinDesk also quoted Rob Hadick, general partner at Dragonfly, saying, "M&A integration in something of this size is incredibly hard," as he cautioned that executing a transaction at this scale would be challenging.
What changes next
CoinDesk said the proposed acquisition would determine who controls the consumer side of blockchain-based payment infrastructure, complementing Stripe's existing merchant network and stablecoin capabilities.
“stablecoin competition has become "a default-setting game"”
CoinDesk reported that Citi analysts wrote stablecoin competition has become "a default-setting game," where scale accrues to whichever stablecoin becomes the default across the largest merchant, consumer wallet or autonomous transaction base.
CoinDesk also quoted Steven Rossi, CEO of Nasdaq-listed Worksport (WKSP), saying, "The broader objective is control of the transaction lifecycle," describing how Stripe would gain influence over how consumers pay and which settlement rails operate in the background.
In parallel, DiarioBitcoin said Stripe’s offer and SWIFT’s blockchain settlement expansion reflect a strategic shift in which competition is about controlling the infrastructure that will move digital payments during the next decade.