The native digital currency of Ripple and its cross-border payments network have started receiving global recognition after its win over the US Securities Exchange Commission. The Institute of International Finance (IIF) has mentioned XRP and Ripple in its response to BIS on cross-border payments.
IIF Considers XRP Cheaper And Faster For Global Payments
According to a tweet shared by the famous cryptocurrency analyst, WrathofKahneman, IIF has talked about the cross-border payments network of Ripple and it native crypto token XRP while giving response to a consultation to BIS on making global payments better.
According to IIF, XRP can serve as a bridge asset for transfers on global scale as it is cheaper and faster and it ensures instant settlements without having to rely on different banking platforms.
Apart from Ripple and XRP, the paper also mentioned stablecoins as well. One of these stablecoins mentioned by IIF is the major stablecoin USDC of Circle. However, the stablecoin of Ripple, RLUSD, could not get any attention. The reason behind this is that this stablecoin has been launched recently and that’s the only reason it was not highlighted in the paper.
XRP Continues To Gain Recognition On Wider Scale
Ripple has been in war with the Securities and Exchange Commission of the United States which has ended recently. Despite this war, Ripple and XRP has succeeded to gain attraction from across the world. However, this new recognition has come post its win over SEC.
Though the stablecoin of Ripple failed to secure mention in IIF’s paper, the native digital currency of Ripple is continuously making waves across the world and getting recognized with each passing day. Apart from having mentioned by IIF, XRP also received recognition from WEF and IMF in a report shared by World Bank.