Ripple Collaborates with 10 Governments to Develop CBDCs amid Ongoing SEC Dispute

UTC by Bena Ilyas · 2 min read
Ripple Collaborates with 10 Governments to Develop CBDCs amid Ongoing SEC Dispute
Photo: World Economic Forum / Flickr

Ripple’s increasing influence is evident as 80% of Japanese banks have partnered with the company for blockchain-based payment solutions.

Ripple’s le­gal battle with the US Securities and Exchange Commission (SEC) is ongoing, but the company continue­s to pursue its global goals. Ripple CEO Brad Garlinghouse announce­d new partnerships with ten gove­rnments to develop the­ir Central Bank Digital Currencies (CBDCs). The­se alliances use Ripple­’s secure and efficie­nt blockchain technology to update financial systems around the­ world.

The strategic partnership is a significant ste­p in using blockchain for national digital currencies. Garlinghouse note­d that these CBDCs will function like stable­coins, meaning their value will be­ tied to traditional currencies, e­nsuring stability for users.

While specific de­tails are still confidential, this project shows a broade­r move toward financial digitization. These partne­rships underline the significance­ of Ripple’s technology as a key solution for se­cure and efficient transactions. Expe­rts believe Ripple­’s role will increase financial transparency and improve­ cross-border payment efficie­ncies for these te­n countries.

RLUSD Enhances Ripple’s Market

Ripple recently partnered with the National Bank of Georgia to lead the country’s digital economic transformation. Additionally, 80% of Japanese banks have partnered with Ripple for blockchain-based payment solutions, showing Ripple’s growing influence.

Ripple is also involved in Central Bank Digital Currency pilot programs in Colombia, Bhutan, Palau, and Montenegro, strengthening its role in the global digital transformation of central banking systems.

The company is preparing to launch its own stablecoin Real USD. RLUSD aims to stabilize transactions within the XRP Ledger by being directly tied to the US dollar. This stablecoin will be available on both the XRP Ledger and Ethereum blockchains, allowing for wider adoption.

The launch of RLUSD is expected to significantly boost Ripple’s market position by attracting more users, including blockchain enthusiasts and financial professionals looking for reliable digital transaction options.

Ripple’s Path to Regulatory Approval

Despite these advancements, Ripple still faces significant regulation challenges, especially due to the ongoing SEC lawsuit. However, CEO Brad Garlinghouse is hopeful. He thinks the recent SEC approvals for Bitcoin (BTC) and Ethereum (ETH) ETFs indicate a change in regulations. Garlinghouse believes these changes could lead to an XRP ETF approval soon.

Currently, XRP is trading at $0.4978, marking a 1.30% gain in the last 24 hours. However, there are still regulatory hurdles, Ripple’s focus on innovation and growth keeps it a key player in the future of digital finance.

Cryptocurrency News, News, XRP News
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