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Swift expands blockchain settlement network as Stripe targets PayPal

Swift said its network expansion follows a pilot with 17 global banks, while a potential Stripe-PayPal tie-up would combine merchant payments with a consumer wallet at scale.

Reported · Written up by our desk · Market Structure

Crypto and blockchain experts point to this week’s moves by major traditional payments firms as intensifying competition over the infrastructure that could power tokenized payments. CoinDesk reports that both Swift and Stripe are pushing into blockchain-based settlement and consumer wallet technology, respectively, as stablecoins and digital payment platforms develop into core rails.

Swift said it would expand a blockchain-based settlement network after completing pilot work with 17 global banks, and said it is now working with more than 40 financial institutions. The outlet also notes Swift connects more than 11,500 financial institutions and provides messaging for trillions of dollars in cross-border payments.

CoinDesk says Stripe followed quickly with an unsolicited $53 billion bid for PayPal, a deal that would unite one of the world’s largest merchant payment networks with one of the largest consumer wallets. The piece adds that PayPal’s board, according to Reuters, views the offer as undervaluing the company and cites regulatory and financing challenges.

Both the Swift expansion and the Stripe-PayPal bid underscore a broader shift, according to CoinDesk, as banks, fintechs, and payment companies increasingly compete to own parts of the next generation of digital payments stack, including settlement layers, wallet distribution, and merchant acceptance. The outlet highlights that PayPal has more than 439 million active accounts and processed $1.79 trillion in 2025.

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