The world’s largest interbank messaging network SWIFT has selected Ethereum layer 2 platform Linea to test blockchain-based transactions. It is also planning to launch a stablecoin, signaling a direct challenge to Ripple’s cross-border payment model. The trial involves some of the world’s top banks (BNP Paribas, BNY Mellon) and it is “a major step forward in moving SWIFT’s messaging system on-chain, as the TheBigWhale reported. This particular development creates competition for Ripple, which has long touted blockchain as a cheaper and quicker alternative to bank transfers.