XRP at a Crossroads: JoelKatz Steps Back, ETFs Surge, Tokenized Stocks Rise, and SWIFT Moves Into Blockchain
September 30, 2025, marks a pivotal moment for Ripple and the XRP ecosystem. Leadership changes, SEC approvals, stock tokenization, and SWIFT’s blockchain initiatives are converging, creating a complex but opportunity-rich environment for XRP holders.
JoelKatz Steps Back
Ripple CTO David Schwartz (JoelKatz) announced he will step down at the end of 2025, transitioning to CTO Emeritus and joining Ripple’s Board of Directors.
Schwartz, one of the original architects of the XRP Ledger, spent over 13 years guiding Ripple’s technology.
He plans to continue building, running his own XRPL node, and exploring new XRP use cases.
Ripple SVP of Engineering Dennis Jarosch and other leaders will now oversee daily operations.
CEO Brad Garlinghouse praised him as “a true OG in crypto”, noting his enduring influence on the company and community.
ETFs Break Wide Open
The SEC approved generic listing standards for spot crypto ETFs, potentially accelerating ETFs tied to XRP, Solana, and other cryptocurrencies.
Bitcoin ETFs have already demonstrated strong demand.
An XRP ETF could bring institutional inflows and mainstream recognition.
Retail investors gain simpler access, though crypto ETFs carry higher risk and fewer protections than traditional funds.
Tokenized Stocks on the Horizon
The SEC is reviewing proposals to allow U.S. stocks to trade on blockchain, with Nasdaq leading the push.
If approved, 2026 could see tokenized equities and ETPs coexist with crypto on-chain.
XRP Ledger, which already supports tokenized assets, stands to benefit from the broader validation of blockchain-based finance.
SWIFT’s Blockchain Move: Linea Pilot
Adding complexity, SWIFT has initiated a blockchain pilot on the Linea platform, signaling a direct challenge to Ripple’s cross-border settlement model.
Key points:
SWIFT is testing blockchain infrastructure for payments between its 11,000+ member banks.
The Linea pilot is a step toward tokenized or on-chain payments, aiming to modernize SWIFT’s rails.
Unlike Ripple’s On-Demand Liquidity (ODL) solution, SWIFT currently does not use XRP as a bridge asset.
Implications for XRP:
Competitive Pressure: SWIFT’s pilot could slow adoption of XRP at the top-tier banking level, especially in regions where SWIFT dominates.
Liquidity Edge: Ripple’s XRP-based ODL still provides instant settlement without pre-funding, a major efficiency advantage over SWIFT.
Market Validation: SWIFT’s pivot proves blockchain is the future of payments, indirectly validating Ripple’s strategy.
XRP: A Real Threat to Banks
XRP and Ripple’s On-Demand Liquidity model directly challenge the core revenue and infrastructure of traditional banks:
Nostro/Vostro Accounts: Banks currently pre-fund foreign accounts for cross-border payments, tying up billions in idle capital. XRP eliminates this need, freeing liquidity for banks and corporate clients.
Transaction Speed: Cross-border payments today can take 2–5 days; XRP settles in 3–5 seconds, bypassing slow correspondent banking rails.
Lower Costs: Banks pay high fees to intermediaries and clearing networks for international transactions. XRP drastically reduces these costs.
Disintermediation Risk: Ripple allows corporates and fintechs to bypass traditional banking corridors, threatening banks’ profit centers in remittance and global payments.
Put simply, XRP attacks inefficiencies in the traditional banking system, offering faster, cheaper, and more transparent settlements — which is why banks see it as a competitive threat.
What It Means for Ripple and XRP Holders
Ripple is aligning itself with multiple transformative trends:
Banking integration: Pursuing a national charter and a Federal Reserve master account for RLUSD.
ETF exposure: XRP is in line for its first U.S. spot ETF.
Tokenization validation: Stock tokenization reinforces the utility of XRPL for digital assets.
SWIFT competition: The Linea pilot underscores market pressures, but Ripple’s real-time liquidity advantage remains unmatched.
Leadership continuity: Schwartz’s move ensures long-term vision while empowering a new generation of engineers and builders.
Final Take
Ripple’s leadership shift, ETF momentum, stock tokenization, SWIFT’s Linea pilot, and XRP’s disruption of traditional banking together signal a global restructuring of payments and financial markets.
For retail investors, XRP is no longer just a speculative token. It’s part of the battle for next-generation financial infrastructure, where speed, efficiency, and tokenized liquidity will decide the winners.
With JoelKatz continuing as an advisor and board member, Ripple is well-positioned to innovate in the face of competition, while XRP remains a credible threat to the legacy banking model.S