Harvard: Ripple (XRP) and Stellar Lumens (XLM) will be backbone … – Crypto News Flash
Although the U.S. Securities and Exchange Commission (SEC) is engaged in a major battle with Ripple, other market players continue to see major value in this blockchain network. Harvard University recently published a report on the pathway for US Digital Dollar.
In the report, the author Jayesh Mehta mentions that blockchain technology has become mature enough to handle FIAT currency in the digital format. Interestingly, the report also mentions that blockchain networks like Ripple and Stellar Lumens have seen growing acceptance while becoming the preferred choice for international businesses.
Besides, the report also goes on to explain how these two blockchain platforms can facilitate instant CBDC settlements worldwide while leveraging the power of AI and Machine Learning. This process also involves an ML-controlled FX interface. The author explains the entire seven-step automated process for the immutable fund transfer chain.
Major economies across the world have been gearing up to launch their central bank digital currencies (CBDCs). However, many experts believe that instead of building the CBDC infrastructure from the ground up, central banks can leverage the existing infrastructure to cater to their instant settlement needs.
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As per the latest report, the Stellar Lumens blockchain can serve as the base layer for CBDCs worldwide. Stellar Lumens CEO Denelle Dixon recently stated that they are keen to work with the war-torn country of Ukraine to launch their CBDC.
Furthermore, Stellar Lumens along with Ripple’s XRP have become part of ISO 20022 which makes them suitable and compliant for CBDCs. Furthermore, the Harvard University report notes that CBDCs can work along with stablecoins, and Ripple and Stellar can easily handle such transactions.
Additionally, Tipple is already expanding its ODL solution to more than 40 countries. Thus, it has the infrastructure ready to cater to global economies. Here’s how Ripple’s XRP Ledger can work efficiently with CBDCs worldwide.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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