Friday, September 18, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    XRP Contributes To the Development of CBDC and Stablecoins –Ripple Senior Executive Explains

    Must Read

    Galaxy Digital CEO Mike Novogratz Reveals Percentage of BTC and ETH in His Portfolio

    The CEO of Galaxy Digital, Michael Novogratz, has revealed the percentage of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies...

    Ripple Enhances Its Partnership with Bill & Melinda Gates Foundation

    As a report has it, Ripple, the US-based cross-border payment firm has become a sponsor member of Mojaloop Foundation,...

    VeChain Joins China Animal Health and Food Safety Alliance as Public Blockchain Technology Provider

    VeChain, the leading enterprise blockchain platform, has officially become a council member of China Animal Health and Food Safety...
    Tobi Loba
    Tobi Loba
    Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    According to a senior executive at Ripple, XRP, the third-largest cryptocurrency by market capitalization, is not in any way competing with the central bank digital currencies (CBDCs) and Stablecoins, but rather contributing to their development.

    XRP Is Not Competing With CBDCs and Stablecoins

    The senior director of global operations at Ripple, Emi Yoshikawa, has recently pointed out that XRP is neither competing with the underway central bank digital currencies (CBDCs) nor stablecoins.

    Yoshikawa said this during an interview with Japanese crypto exchange FXcoin on 19th August 2020. In the course of the conversation, Yoshikawa stated that the digital token XRP is only contributing to the development and progress of CBDC and Stablecoin.

    Yoshikawa added that XRP should be seen as a bridge asset in cross-border remittance, rather than considering it as a competition to CBDC and Stablecoin.

    Emi Yoshikawa said:

    “There are various types of crypto assets, but I think that the role of XRP as a bridge asset in international settlement, and is not competing with stablecoins or CBDC, but on the contrary, is complementary. We believe that various stablecoins and CBDCs will create a synergy by responding to the liquidity problem by bridging independent crypto assets, XRP.”

    ODL Is Designed To Eliminate Pre-Funding In Cross-Border Payments

    In the interview, Yoshikawa stressed Ripple’s settlement product, On-Demand Liquidity (ODL), which was previously referred to as xRapid.

    Ripple’s XRP-based ODL is designed to facilitate quick and reduction in the operational costs of processing cross-border payments. For better illustration, Yoshikawa stated that ODL is created to eliminate pre-funding in cross-border payments.

    The Primary Objective That CBDC Shares with Ripple’s ODL

    Upcoming China’s digital Yuan is already considered as a threat to the dominance of SWIFT in terms of transaction speed.

    Some major banks in the world are already observing the potential of CBDC based on the reduction of the costs of financial operations, which is also the primary of Ripple’s On-Demand Liquidity (ODL).

    Join us on Twitter

    Join us on Telegram

    Join us on Facebook




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Galaxy Digital CEO Mike Novogratz Reveals Percentage of BTC and ETH in His Portfolio

    The CEO of Galaxy Digital, Michael Novogratz, has revealed the percentage of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies...

    Ripple Enhances Its Partnership with Bill & Melinda Gates Foundation

    As a report has it, Ripple, the US-based cross-border payment firm has become a sponsor member of Mojaloop Foundation, which implies that the payment...

    VeChain Joins China Animal Health and Food Safety Alliance as Public Blockchain Technology Provider

    VeChain, the leading enterprise blockchain platform, has officially become a council member of China Animal Health and Food Safety Alliance (CAFA), to provide blockchain...

    XMR Workgroup to IRS: Focus On Studying Monero Instead of Offering $625,000 to Break It

    A Monero workgroup has recently urged the United States Internal Revenue Service (IRS) to find a better means of spending taxpayers’ funds than offering...

    Cardano Once Again Outranks Ethereum as the Blockchain with Highest Development Activity on Github

    Cardano (ADA), a third-generation blockchain project, has once again outranked Ethereum to become the blockchain with the highest development activity on Github, an American...

    More Articles Like This