SWIFT openly criticizes "stablecoins are useless": Stablecoin will not overturn the existing financial system, as it only serves specific customers and scenarios.

Mitsuru Kayahana, head of SWIFT in East Asia, delivered an important speech at the WeX2025 summit held in Tokyo, Japan. Kayahana stated that stablecoins, as a form of digital currency, will not significantly change the existing financial system, but will instead focus on serving specific customer groups and application scenarios as their core value. (Background: Payment giant Stripe is launching a new stablecoin! Challenging SWIFT's cross-border payments, targeting pain points in emerging markets) (Additional context: Western Union's stablecoin gamble: Can the 172-year-old traditional store make a glamorous transformation?) In the speech, Kayahana emphasized that as long as banks continue to play the role of intermediaries and service providers, traditional cross-border payment processes will coexist and complement new payment tools like stablecoins for the long term. Stablecoins will thrive alongside traditional finance, and SWIFT is building interoperability bridges. Kayahana further stated that the future financial ecosystem will show a pattern of diverse coexistence, with Central Bank Digital Currencies (CBDCs), private stablecoins, and tokenized deposits developing side by side. On SWIFT's side, they will build interoperability bridges between different digital assets and traditional currencies to prevent the financial ecosystem from becoming fragmented. Kayahana added that SWIFT is currently actively collaborating with financial institutions in East Asia, such as Japan and South Korea, to explore the compliant application of stablecoins in cross-border transactions, ensuring their safety and feasibility within a regulatory framework. Looking ahead, Kayahana emphasized that SWIFT will adhere to the principles of "currency, platform, and network neutrality," opening connections to all regulated and secure networks, driving global financial infrastructure from "fragmentation" to "interoperability." In summary, SWIFT's core goal is to achieve seamless circulation of CBDCs, stablecoins, and other digital assets with traditional currencies, thereby enhancing the efficiency and inclusivity of the global financial system. Traditional payment giants are competing to layout in the cryptocurrency and stablecoin space. Not only SWIFT but other traditional payment giants are also accelerating their entry into the cryptocurrency and stablecoin fields. For example, Visa and Mastercard have launched solutions supporting stablecoin settlements. Additionally, PayPal launched its own stablecoin PYUSD in 2023 and is actively promoting its application in cross-border e-commerce and payment scenarios. The actions of these traditional payment giants indicate that stablecoins are becoming an important part of financial innovation. As the market size of stablecoins rapidly grows, traditional financial institutions are seeking to maintain competitiveness in the digital economy era through technological integration and regulatory cooperation. Related Reports: Traditional finance capitulation! Cross-border remittance leader Swift develops "blockchain transfers," possibly linking RWA and tokenized assets based on Ethereum. From "petrodollars" to "electricity renminbi," opportunities in the era of AI + stablecoins. Financial Times: U.S. banking warns of loopholes in the "stablecoin bill," fearing a $6.6 trillion deposit outflow. <SWIFT scoffs that "stablecoins are useless": Stablecoin will not overturn the existing finance as it serves only specific customers and scenarios.> This article was first published in BlockTempo, the most influential blockchain news media.