SWIFT is a messaging network. Correspondent banks are the settlement layer. Citi sits near the top of that layer and, as Garlinghouse said in Wyoming, earns about $5B in gross margin from it. That is why incumbents will adopt blockchain and still defend the middleman. Ripple’s model is different: XRP as on-demand liquidity so banks do not have to pre-fund accounts across corridors. Seconds instead of hops. Capital unlocked instead of trapped. The banks want a seat. Ripple wants the table. That is the whole debate.
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