Stripe and Swift race to control the next generation of global payments infrastructure
Crypto and blockchain experts say this week’s moves show the two established finance companies are increasingly competing for control of the infrastructure behind digital payments.
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Summary
- Swift is expanding a blockchain-based settlement network with more than 40 financial institutions, underscoring how incumbents are racing to build the rails for tokenized payments.
- Stripe’s unsolicited $53 billion bid for PayPal would marry a vast merchant network with one of the world’s largest consumer wallets, aiming to reduce reliance on intermediaries like Visa and Mastercard.
- Executives and analysts say the contest has shifted from proving blockchain technology to controlling distribution, as stablecoins evolve into core payments infrastructure and firms seek to own wallets, merchant acceptance and settlement layers.
