The Federal Reserve Bank Atlanta recently released a report titled “An Introduction to Web3 with Implications for Financial Services,” which mentioned XRP as an “international payment medium.” The report highlights Ripple’s business model, which uses XRPL to meet cross-border settlement needs at a low cost. The XRP Ledger operates as an efficient institutional and cross-border payment medium, with low-cost transactions of $0.0002 at a speed of 3-5 seconds. The network is also scalable, completing 1500 transactions per second, and boasts of green attributes stemming from its carbon-neutral and energy-efficient operations. The report also mentioned the relevance of XRP and Stellar network in value transfers. According to the report, XRP is “roughly envisioned as an international payment medium or wholesale settlement coin.” The report further mentioned how XRP and Stellar blockchains facilitate cost-effective value transfers, just like the proof of concept, Project Mariana. Project Mariana was jointly introduced in November 2022 by the Bank for International Settlements (BIS), the Bank of France, and other Financial Institutions. The institutions aim to achieve “efficient cross-border settlements in the traditional finance system using DeFi built on public blockchains using smart contract protocols to automate markets for cryptocurrency and digital assets.” Ripple has continued its push to remain relevant despite the ongoing lawsuit with the US SEC. In April 2023, Ripple partnered with the Montenegro Central Bank to pilot its CBDC. The crypto firm also launched a CBDC platform for governments and financial institutions to issue digital currencies. Additionally, Ripple acquired a Swiss crypto custody services firm Metaco to expand its offerings one week ago, and a few days ago, it acquired Panterra’s stake in Bitstamp.
Many enthusiasts have reacted excitedly to the recognition on Twitter, even as a user emphasized XRP was only mentioned. Another user thanked the Atlanta bank for mentioning XRP as a wholesale settlement coin, which he said gave “an expensive tone to its description.”
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