Swift Ledger Plan Fuels Ethereum Scaling Talk as ETH Dries Up

Swift says it is building a blockchain ledger with 30 plus banks, while online posts tie the work to Ethereum scaling via Consensys. At the same time, CryptoQuant data shows Ethereum’s exchange supply ratio at about 0.137, its lowest level on the chart since 2016.

Swift says it is building a blockchain ledger with 30 plus banks as posts tie the project to Ethereum scaling

Swift said it is already moving forward with plans to add a blockchain based ledger to its infrastructure, while working with “a global group of 30 plus banks” to shape the ledger’s design, according to a SwiftCommunity post that referenced comments by Chief Business Officer Thierry Chilosi on Sibos TV.

The cooperative said in late September 2025 that the group has started designing and developing a shared digital ledger, with the first use case focused on real time, 24 7 cross border payments. In its press release, Swift said it will work with Consensys on a conceptual prototype and described the ledger as a way to support transactions using regulated tokenised value.

Posts circulating on X framed the effort as a shift from messaging toward settlement rails and linked the work to Linea, an Ethereum layer 2 network developed by Consensys. Swift’s own statements in its September announcement did not name Linea, although it confirmed the Consensys prototype relationship that has prompted the Linea references online.

Swift has positioned the ledger as an infrastructure upgrade aimed at always on transfers at global scale, as banks and payment networks face pressure to modernize cross border flows. Swift says more than 11,500 institutions connect to its network across 220 plus countries and territories, and it averages 53 million plus FIN messages per day.

Ethereum exchange supply ratio falls to about 0.137 as CryptoQuant data shows lowest levels since 2016

Meanwhile, Ethereum’s exchange supply ratio has dropped to about 0.137 across exchanges, marking one of its lowest readings since 2016, according to CryptoQuant data shared in a recent “Quicktake” note and echoed in posts on X. The chart circulating online labels the ratio at 0.137 while showing ETH’s dollar price near $2.9K on the same timeframe.

Ethereum Exchange Supply Ratio Chart. Source: CryptoQuant

CryptoQuant defines the exchange supply ratio as exchange reserves divided by total supply, a measure that tracks what share of ETH sits on trading venues rather than in external wallets. As the ratio declines, fewer coins remain readily available on exchanges for immediate spot selling, although the metric does not explain where coins move next or why each holder withdraws.

In an X post, the account Mark.eth said exchange balances hit their lowest level since 2016 and argued that institutions and corporates are accumulating ETH “at the fastest pace in years.” The post framed the shrinking exchange share as reduced sell pressure and compared the setup to prior cycles, but it did not provide a primary dataset for the accumulation claim inside the post itself.