Stablecoins’ Next Rival Could Come Through the Software Banks Already Use

Points of Focus

• ACI plans to put SWIFT ledger payments into existing bank software.
• Easier payments could give customers less reason to try stablecoins.
• Faster transfers would still leave banks with settlement work.

ACI Worldwide’s latest plan raises a question for stablecoins: What happens if banks make blockchain payments as easy to use as normal?

The company’s Sept. 22 announcement details planned support for SWIFT’s blockchain ledger within its payments platform, Connetic. Through it, banks could handle tokenized deposits alongside traditional payments, with software automatically choosing a route based on cost, speed, and availability.

The idea is to attract customers by enabling them to send money when they need it, at a fair price.

What would change for banks?

A tokenized deposit is a bank deposit recorded on a blockchain. Like normal cash in a bank, it remains money the entity owes its customer. US Federal Reserve researchers differentiate this from payment stablecoins, which rely on reserves such as cash and Treasury bills to support their value.

ACI hopes to make these deposits easier for banks to use, claiming to keep controls and workflows for tracking payments and matching records similar to those of traditional methods.

If a business needs to pay an overseas supplier, it could send money from its usual bank account while software decides which route it takes. The business would care about the fee and arrival time, without needing to understand the underlying blockchain tech.

Such a convenient approach could help banks’ tokenized deposits compete with stablecoins, but the network is still developing. SWIFT said on July 9 that its ledger was ready for initial use, with 17 banks preparing to pilot live transactions.

💡 Did you know?

Swift's blockchain-based ledger has been built with our community and is ready for use, with 17 early adopter institutions helping bring tokenised value into the regulated financial system.

Find out how the industry is preparing for always-on, cross-border… pic.twitter.com/oL4mE7xehm

— Swift (@swiftcommunity) September 9, 2026

When does money actually arrive?

SWIFT’s plan also plans for customers to receive money before banks finish settling the payment.

Its ledger coordinates tokenized deposits held on banks’ own ledgers. Banks could credit customers overnight or on weekends, then complete final settlement through existing systems.

This could help a supplier waiting for payment on a Saturday. However, the banks would still need to cover what they owe each other afterward. Staying online 24/7 does not remove the need for cash or credit.

A bank choosing this route would, of course, need to address basic questions. Does the receiving bank support it? Can the supplier spend the money immediately? What does the full payment cost?

Would savings pass onto customers?

Stablecoins still have an advantage for users moving money on public blockchains, though. The Dallas Fed notes that tokenized deposits are not necessarily easy to move between different banks. Existing access to stablecoin liquidity could also ensure crypto users stick with tokens.

For banks, the choice would depend on the payment. Tokenized deposits could help where both banks support them, and fewer manual steps cut costs. But no matter what, a traditional transfer could remain cheaper during normal business hours.

We're the first national bank to bring stablecoin settlement live across @Mastercard's global payments network. @SoFi is migrating its entire $25B+ card program to blockchain-based settlement.

The speed of blockchain, with the safeguards of a bank. Let’s go‼️…

— Anthony Noto (@anthonynoto) September 22, 2026

ACI has yet to provide measured savings, customer fee cuts, or a firm rollout date for this capability.

Should recipients get their spendable money sooner and with fewer fees, banks might end up keeping the savings. In that case, customers would need a better service if they’re to be enticed.