With 345 global banks integrating blockchain already, Ripple’s XRP Ledger is poised to win big if SWIFT gives the nod.
A fresh joint report by Ripple Labs, CB Insights & the United Kingdom Centre for Blockchain Technologies claims that over $100 billion has been poured into the blockchain infrastructure by banks since 2020.
Ripple’s Role In Banking Beyond XRP
Indeed, over 90% of global financial industry heavyweights now agree that blockchain & digital assets are playing a key role in the financial landscape. Particularly, the banks are interested in the integration of stablecoins for immediate payment settling, as seen in Ripple’s bank license push in the United States (USA).
Moreover, Swift’s $155 trillion cross-border market is due for a revamp, and Ripple’s XRP Ledger is among the top candidates to contribute to it. According to the latest data from CB Insights, the stablecoin market is set to grow ten-fold from 2024 to 2025, while the following years could grow RLUSD, USDC & USDT trading volumes to unprecedented heights.
345 Banks Integrated Crypto Since 2020
Aside from the pending bank license, Ripple (XRP) is a strong contender to integrate or replace SWIFT due to the growing valuation. Ripple Labs makes the TOP 25 list of most valuable tech companies, having similar capital to Discord, Epic Games or Canva.
In their crypto banking report, Ripple showcased HSBC, Goldman Sachs & SBI as the prime examples of how banking institutions are adopting blockchain technology in their services. HSBC is running a blockchain-backed gold platform, while the Japanese banking behemoth SBI is looking into future-proof quantum-resistant digital currency.
On The Flipside
* Swift’s Alisa DiCaprio previously mentioned that the financial conglomerate is testing Hedera (HBAR) for their $155 trillion network, despite the popular belief XRP is the most plausible option.
Why This Matters
Institutional infrastructure related to crypto trading, staking & digital tokenization has brought over $100 billion in bank investments in a time span of five years.
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