Ripple says more than 20% of all transactions on its global network of financial institutions now use the blockchain startup’s native cryptocurrency XRP.
Asheesh Birla, Ripple’s senior vice president of product and corporate development, says in a series of tweets that the firm’s On-Demand Liquidity (ODL) solution, which facilitates cross-border payments using XRP as the bridge currency, is increasingly being used in RippleNet transactions.
“All in all, an interesting time to be in crypto (when is it not though?). It feels like the potential we saw early on to leverage blockchain and rethink how to move value without a central counterparty is on the precipice of something extraordinary.”
According to Birla, the use of XRP in remittances is rising alongside increasing institutional adoption of crypto assets at large.
“What’s one common denominator here? Likely global uncertainty with fiat currencies, and many in the crypto industry focusing on utility, beyond just speculation. Examples like Dogecoin aside, there’s a new, growing focus on an asset’s use case, its tangibility.
We’re seeing a melding of the old world and new. It’s only a matter of time before banks offer custody services, acquire companies with those capabilities, and potentially even offer crypto lending as they see consumer interest in DeFi.”
The Ripple executive also says that dollar-backed stablecoins like Tether are also showing they have strong use cases, giving unbanked consumers and people outside of the US a way to access to the US dollar.
