Global Banks Integrating Crypto Assets, XRP Usage Rises
The world of banking is beginning to embrace the use of cryptocurrencies, with XRP emerging as a top choice for many institutions. This shift signals a change in how banks view digital assets, highlighting XRP’s strength as a cross-border payments system.
## BCBS Highlights XRP Dominance In The Banking Sector
The Basel Committee on Bank Supervision (BCBS) has released its first report on banks’ holdings of crypto assets, providing valuable insight into global banks’ exposure to cryptocurrencies.
According to the report, 19 out of 182 world banks submitted their crypto asset data to the BCBS for review and analysis. The majority of these banks reported exposure to XRP, BTC, and ETH, with the total crypto asset exposures amounting to €9.4 billion.
“Reported crypto-asset exposures are primarily composed of Bitcoin (31%), Ether (22%), and a multitude of instruments with either Bitcoin or Ether as the underlying crypto assets (25% and 10% respectively),” the report stated.
This report underscores the growing interest of XRP in the financial banking sector and provides valuable benchmarks for understanding the position of cryptocurrencies in the financial sector.
(Token price resumes downtrend – Source: XRPUSD on Tradingview.com)
## BCBS Crypto Asset Reports
The BCBS data collection template revealed that the total crypto asset exposures of the 19 banks amounted to about €9.4 billion, representing a small fraction of the cumulative crypto-asset exposures across the 182 banks covered by the BCBS. Overall, the crypto asset exposures of the 19 banks constitute 0.05% of the total financial commitments made by the institutions under the Basel III monitoring exercise.
“When considering the whole sample of banks included in the Basel III monitoring exercise (i.e. also those that do not report crypto-asset exposures), the amount shrinks to 0.01% of total exposures,” the report stated.
In addition to XRP, the data collection template also revealed other crypto assets employed by these world banks, such as Cardano (1%), Solana (1%), Litecoin (0.4%), and Stellar (0.4%).
This shift in the banking sector’s approach to cryptocurrencies indicates a growing acceptance and utilization of digital assets in traditional financial operations.
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