Tom, the founder of OpenFind, brought attention to a research paper co-authored by the Chairman of the Federal Reserve Kevin WarshWhere they highlighted XRP. Specifically, the paper discussed cross-border payments and how crypto assets like XRP can serve as a bridge currency.
Federal Reserve Chairman’s research paper highlights the utility of XRP
in Share XTom mentioned that the new Fed Chairman co-authored a paper naming XRP as a currency Liquidity solution between stablecoins. He further stated that the paper clearly states that private sector infrastructure should not be excluded in future digital money systems. The OpenFind founder noted that this is evidence that private infrastructure providers like Ripple are becoming important components of the financial system.
Tom added that Ripple is one of the very few companies that has spent decades positioning itself for this moment. A 2022 paper discussed the possibility of creating an SDR-based stablecoin that could be exchanged for any national currency. The newspaper indicated that such an arrangement could resemble Cross-border payments system Ripple operates using XRP.
It is worth noting that the altcoin acts as a bridge currency in Ripple’s cross-border payments service, allowing customers to exchange cryptocurrency assets for the desired currency. Former Ripple CTO, David Schwartz He has previously commented on its role as a bridge currency, noting that it has more advantages over stablecoins since there is no single agreed-upon stablecoin to settle these transactions.
Meanwhile, it is worth noting that the new Fed Chairman is pro-crypto and revealed his exposure to crypto before his nomination hearing. As Chairman of the Federal Reserve, Kevin Warsh may soon have direct regulatory oversight of Ripple, considering the cryptocurrency company has applied for a master account from the Fed. The Federal Reserve is currently considering launching Slim main account It would provide these companies with access to the central bank’s payment paths.
Ripple enters the trillion dollar market
fairy X Finance Bull noted Ripple is entering a trillion dollar market, with Ripple Prime confirmed as part of DTCC’s blockchain ecosystem. He noted that the DTCC liquidates $114 trillion in securities annually, and is now about to begin near-continuous processing of US stocks 24/7 from Sunday to Friday.
X Finance Bull also highlighted how high this trend is for XRP, as Ripple Prime infrastructure is included in the development Token securities. He also noted that the market has not priced in how bullish this is, noting that the altcoin is still priced as if market participants did not read the production schedule. The upside is that some of this volume could flow through XRP if DTCC clears token shares on the XRP Ledger.
At the time of writing, the price of XRP is trading at around $1.35, up more than 3%, according to Data From Coin Market Cap.
Featured image from iStock, chart from Tradingview.com
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