Pi Network challenges Ripple's position! Can the ISO 20022 deadline turn the tide?

Pi Network is committed to the ISO 20022 standardization, which may challenge the positions of cryptocurrency giants like Ripple (XRP) and Stellar (XLM). After November 2025, only packets that comply with the ISO 20022 standard will be allowed to be transmitted on the SWIFT network, effectively excluding incompatible protocols from cross-border payment processes.

ISO 20022: The Threshold for Accessing New Blockchain Payment Infrastructure

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The significance of ISO 20022 goes far beyond a simple technical update. This financial information standard enables institutions to exchange structured data with an unprecedented richness of information. Compared to the traditional SWIFT MT system, ISO 20022 offers richer data fields, clearer semantic definitions, and stronger interoperability. Currently, over 11,000 financial institutions worldwide have adopted this standard and are gradually phasing out the traditional SWIFT MT system in favor of the new messaging standard.

The deadline in November 2025 is a decisive turning point. After this date, only packets that comply with the ISO 20022 standard will be allowed to be transmitted over the SWIFT network, effectively excluding incompatible protocols from cross-border payment processes. Ripple and Stellar have already aligned their infrastructure with this standard, giving them a significant competitive advantage in traditional banking integration. Ripple's RippleNet has processed billions of dollars in institutional-level cross-border payments, and Stellar operates multiple cross-border corridors, both of which have demonstrated their compliance with ISO 20022.

For Pi Network, this compliance bridges the gap between its decentralized ecosystem and global financial infrastructure. Without this compatibility, the project may remain limited to peer-to-peer transactions, greatly restricting its potential for institutional adoption. ISO 20022 compliance is not just a technical requirement but a ticket to enter the institutional-level financial market. If Pi Network fails to meet the deadline, it will be excluded from global cross-border payment networks, and its challenge to the visions of Ripple and Stellar will become mere talk.

The deeper issue is that ISO 20022 compliance requirements impose strict standards on data structures, messaging protocols, and system interoperability. This is not just a matter of adding a few API interfaces; it requires redesigning many components from the ground up. For a project still in the transition phase to the mainnet, this is a huge technical challenge. Pi Network must meet the compliance requirements of traditional financial systems while maintaining its decentralized characteristics, and this balance is extremely difficult to achieve.

Pi Network's Unique Value Proposition and Real-World Challenges

The value proposition of Pi Network goes far beyond payments. The project integrates decentralized computing, mobile finance, and artificial intelligence into an unprecedented ecosystem. With the massive global community brought by mobile mining, Pi stands apart from Ripple, which focuses on interbank transfers, and Stellar, which aims for inclusive finance. According to reports, Pi Network has already accumulated over 50 million registered users, a scale that far exceeds the user base of most Crypto Assets projects.

However, the number of users and the actual adoption rate are two completely different concepts. The main challenge faced by Pi Network is how to convert the widespread acceptance of the community into institutional recognition. Ripple has processed billions of dollars in transactions, serving over 300 financial institutions, and Stellar has also established partnerships with several banks and payment companies. In contrast, Pi Network has yet to demonstrate any concrete institutional-level use cases or partnerships.

Comparison of Pi Network and the Two Giants

User Base: Pi Network has a large retail user base but lacks institutional clients; Ripple and Stellar have actual use cases with banks and payment companies.

Technology Maturity: Ripple and Stellar have been running for many years and have been tested in real-world scenarios; Pi Network is still in the transition phase of its mainnet, and the stability of its technology is yet to be verified.

ISO 20022 Compliance: Ripple and Stellar have met the standards; Pi Network is working hard to catch up, with only a few months left.

Liquidity and Market Capitalization: Ripple's market capitalization exceeds 100 billion dollars, Stellar's market capitalization is in the billions of dollars; the Pi coin has not yet been officially listed on mainstream exchanges.

Pi must prove its ability to handle institutional-level transaction volumes without compromising its decentralization. The year 2025 will be crucial for the Pi Network in terms of its ability to integrate into the global financial system, with the widespread adoption of the ISO 20022 standard. If it fails to meet the deadline, Pi will miss this historic window, and its ambitions to challenge Ripple and Stellar will be significantly diminished.

Dual Test of Token Economy and Technical Infrastructure

Finally, the success of the Pi Network also depends on the robustness of its token economic model and technical infrastructure. The widespread distribution of tokens through mobile mining has raised concerns about price stability and network liquidity. Unlike Ripple and Stellar, Pi adopts a unique mining mechanism that allows users to “mine” through a mobile application. Although this low-threshold participation method has attracted a large number of users, it also brings the risk of excessive token dilution.

When tens of millions of users hold tokens simultaneously and wish to liquidate them, the market's capacity to absorb will face a tremendous test. The token distribution of Ripple and Stellar is more centralized and has a clear lock-up mechanism, while the token distribution method of Pi may lead to significant selling pressure after its listing. This structural issue in token economics may still hinder its institutional adoption even after achieving ISO 20022 compliance.

In terms of technical infrastructure, Pi Network needs to prove the reliability and efficiency of its consensus mechanism. The project claims to use a trust graph-based consensus algorithm, but the performance of this mechanism in large-scale application scenarios has not been fully validated. Ripple's XRP Ledger can process 1,500 transactions per second with a settlement time of 3-5 seconds; Stellar's performance is similar. Pi Network must demonstrate that its network can meet or even exceed these standards to establish a foothold in institutional-level applications.

In addition, security is the biggest concern for institutional clients. Ripple and Stellar have been operating for many years, undergoing multiple security audits and tests from actual attacks. Pi Network, as a relatively young project, has not yet been tested for security over time. Any significant security vulnerabilities or network interruptions could seriously damage its reputation, causing institutional clients to hesitate.

In order to compete with existing participants, Pi Network needs to make breakthroughs in several areas: First, it must complete ISO 20022 compliance by November 2025, which is the minimum requirement for entering the institutional market. Second, it needs to establish at least a few compelling institutional-level application cases to demonstrate the technical feasibility. Third, it must address the structural issues of token economics to ensure price stability and sufficient liquidity. Finally, it needs to build trust among institutional clients through rigorous security audits.

2025 Battle Point: The Opportunity Window is Closing

November 22, 2025, is not only the deadline for the technical upgrade of the SWIFT network, but also the last opportunity window for Pi Network to prove itself. If it can successfully meet the ISO 20022 standard, Pi will gain the qualification to compete alongside Ripple and Stellar. However, qualification does not equal victory. Ripple has established a vast banking network and a mature business model, while Stellar holds an advantage in the fields of cross-border remittances and inclusive finance.

The potential advantages of Pi Network lie in its large community base and decentralized governance model. If these advantages can be transformed into practical business applications, Pi may find its position in the consumer payment and micro-transfer sectors. However, challenging Ripple's dominance in institutional-level cross-border payments or surpassing Stellar's layout in inclusive finance remains an overly ambitious goal for the current Pi Network.