By Solomon Odunayo
Weiss Crypto Ratings has recently suggested that the Money transfer service Azimo that recently partnered with Ripple to speed up fund transfer in the Philippines could have chosen stablecoins such as Tether (USDT) instead of XRP.
This opinion was shared via its official Twitter handle a couple of hours ago. The tweet has since attracted tons of reactions from the crypto community, especially XRP community members.
The Crypto Rater opined that Tether (USDT) is more liquid than Ripple’s XRP. It concluded that there are better options than the digital token XRP these days, unlike in the past.
Weiss Crypto shared this, “Money transfer service Azimo will use Ripple’s ODL service to speed up the fund transfer in the Philippines. Why not use stablecoins instead? USDT is more liquid than XRP. This would have been a novelty in 2015. Now there are better options than XRP for moving fiat around.”
Money transfer service #Azimo will use #Ripple's #ODL service to speed up the fund transfer in Philippines. Why not use #stablecoins instead? #USDT is more liquid than #XRP. This would have been a novelty in 2015. Now there are better options than XRP for moving fiat around.
— Weiss Crypto (@WeissCrypto) February 27, 2020
Meanwhile, Ripple, the US-based cross-border payment company announced its collaboration with the money transfer service Azimo on 26th February 2020.
The company is already leveraging Ripple’s On-Demand Liquidity (ODL) service as part of its remittance capability into the Philippines. According to the report, it will also extend its reach to some other corridors this year.
The digital token XRP is used by ODL as a bridge between two currencies in a matter of seconds. This makes payments settle as fast as possible in local currency on either side of the transaction.
According to Ripple, the partnership with Azimo is a step in the right direction to bring about solutions to challenges with slow and expensive payments.
This collaboration will also grant Azimo the means to provide remitters with a more reliable solution to send money to the Philippines.
Azimo now joins over 300 Ripple’s customers across the world. Money can now be sent between families and friends across with globe the available and reliable solution via the existing partnerships.