Pi Network challenges the US dollar! Obtains ISO 20022 verification, becoming a "global currency" in November.

Pi Network is preparing for a historic transformation, as the integration of ISO 20022 lays the groundwork for global currency identification. Starting from November 22, 2025, Pi will be able to participate in international payments as an official digital currency. This transformation may make Pi Network one of the first community-based Crypto Assets to receive global official recognition.

How ISO 20022 Certification Will Change Pi Network

(Source: X)

ISO 20022 is a universal standard for the transmission of financial transaction information, allowing various banking systems to interact easily. For Pi Network, compliance with this standard means faster, cheaper, and more transparent payments. Experts say this interoperability will make Pi a strong competitor to traditional currencies and other blockchain systems like XRP and Stellar.

ISO 20022 is a financial services messaging standard developed by the International Organization for Standardization (ISO), aimed at unifying the data exchange format between financial institutions globally. Traditionally, different countries and banks used various messaging formats (such as SWIFT MT series), resulting in inefficiencies, high costs, and elevated error rates in cross-border payments. ISO 20022 provides a unified XML format that allows all financial institutions to seamlessly exchange rich structured data.

Major financial institutions globally are transitioning to ISO 20022. November 22, 2025, is the last day for global banks and financial networks to migrate to ISO 20022. After this date, payment systems that do not comply with the standard may face compatibility issues and struggle to interact with mainstream financial networks. Pi Network has chosen to complete its integration at this critical moment, demonstrating its strategic foresight.

The specific implementation details of Pi Network that comply with ISO 20022 standards have not yet been fully disclosed, but the key lies in its cross-border payment tool's ability to generate message formats that conform to that standard, allowing government and banking systems to identify and process Pi transactions. This technological compatibility is a prerequisite for Pi to gain official recognition. If Pi truly achieves this compatibility, it will be able to directly interface with SWIFT systems, central bank clearing systems, and other traditional financial infrastructures.

Comparing XRP and Stellar, both are early blockchain projects embracing ISO 20022. Ripple's RippleNet has partnered with hundreds of banks worldwide to provide ISO 20022-compliant cross-border payment solutions. Stellar similarly focuses on cross-border remittances and financial inclusion. If Pi Network successfully integrates ISO 20022, it will join this elite club and compete directly with them.

Three-Stage Development Roadmap Analysis

The core team of Pi Network has divided its development plan into three different phases, and this clear roadmap provides the community with clear expectations. The first phase is the preparation period before November 2025. During this phase, Pi focuses on refining the technical details of ISO 20022 integration, enhancing network security, and making initial contacts with potential government and financial institutions. This phase is nearing its end, and the market is eagerly awaiting the arrival of the key date.

The second phase is the milestone moment of the activation of ISO 20022 on November 22. After this day, Pi Network will theoretically be able to participate in international payment networks that comply with ISO 20022 standards. Governments can start accepting Pi as an official transaction currency, and the banking system can identify and process Pi transactions. This official recognition will fundamentally change Pi's status, elevating it from a marginalized community project to a mainstream financial tool.

The third phase is the adoption phase after the release. Even when the technology is ready, Pi still needs to prove its actual adoption rate and use cases. The core team plans to launch a decentralized exchange (DEX) and a Pi application platform, allowing people to use Pi to purchase goods, services, and conduct international transfers. These practical use cases are crucial for maintaining user activity and attracting new users.

This three-stage planning demonstrates the strategic thinking of the Pi team, but also exposes the current uncertainties. The first stage is basically completed, while the smooth launch of the second stage depends on technical readiness and regulatory approval. The success of the third stage relies even more on market acceptance and the competitive environment. Whether the grand vision claimed by Pi Network can be realized hinges on the execution details and the alignment with the external environment.

50 million user base and real challenges

Compared to its launch in 2019, Pi Network has covered over 50 million users worldwide. This massive following provides a unique advantage for its entry into the open mainnet. Pi's mobile-first model supports users in regions lacking access to banking services. This is the most frequently cited advantage of Pi Network, but its authenticity and effectiveness must be assessed objectively.

The figure of 50 million users is impressive, but it is necessary to distinguish between registered users and active users. According to on-chain data and exchange statistics, the actual active users of Pi are about 200,000 to 300,000, which accounts for only 0.4-0.6% of registered users. This extremely low conversion rate reflects the reality of Pi's long-term lack of practical application scenarios. Most users only downloaded the mining application in the early stages but have never engaged in real Pi transactions.

The isolated mainnet period has also allowed Pi Network to strengthen its network and security. The isolated mainnet refers to the closed testing phase of the blockchain before it is fully open, during which tokens cannot be freely transferred to external exchanges and can only circulate within the internal ecosystem. The original intention of this design is to prevent speculative trading and give the team time to refine the technology. However, the prolonged isolation period has also made the market lose patience with Pi, and many early users have left.

However, despite the optimistic outlook, Pi Network still faces many challenges. The most severe is the supply pressure brought about by token unlocks. The unlocking of Pi tokens brings millions of tokens into circulation daily, with over 1.2 billion set to be unlocked in the next 12 months. This continuous and massive increase in supply makes it difficult for any buying pressure to support the price. The extremely centralized structure, with the foundation holding over 90 billion tokens, also raises market concerns about potential sell-offs.

Poor liquidity is another fatal issue. The daily trading volume of Pi is below $50 million, and most mainstream exchanges have not listed it, severely limiting its viability as a “global currency.” A true global currency requires deep liquidity, extensive exchange support, and institutional-grade infrastructure, and Pi falls far short in these areas.

This restriction ensures domestic stability but limits liquidity. The integrity of the core team and the gradual improvement of infrastructure are crucial. If the ISO 20022 integration fails to be realized on schedule, or if it is realized but does not gain actual adoption, Pi's “global currency” vision will become empty talk. The market's skepticism towards Pi is not unfounded; it is based on its history of excessive long-term commitments but insufficient delivery.