Monica Long, the head of Ripple, has joined the discussion about banks adopting tokenization services. As per Long’s statements, a significant number of banks have already started using cryptocurrencies. She believes that by implementing appropriate regulations, even more banks can join this trend.
XRP Ledger and tokenization drive
As a crypto investor, I’ve recently come across some fascinating insights. Monica Long highlighted that a whopping 15 out of the 25 leading global banks have already dipped their toes into tokenized asset projects. This intriguing fact was in response to Frank Chaparro, a notable figure in the industry, who emphasized that crypto custody plays a pivotal role in determining what else banks can achieve within our vibrant sector.
As an analyst, I concur with this viewpoint and anticipate numerous banks across the U.S. to introduce market-ready cryptocurrency offerings by 2025. However, it’s crucial to consider the role of the next U.S. administration in providing the necessary clarity on regulatory matters within the crypto industry for these developments to materialize.
I concur with fintechfrank! Out of the top 25 global banks, 15 have already experimented with tokenized asset projects. If these banks receive clear guidance from the U.S. government on dealing with cryptocurrencies, it’s likely that many will introduce market-ready services in the United States by 2025. Given current trends, it seems quite plausible that such clarification could come sooner rather than later, potentially accelerating this timeline.
— Monica Long (@MonicaLongSF) January 14, 2025
Based on recent signs, the appointment of David Sacks as Crypto Czar has instilled optimism among many industry figures that beneficial policy shifts are imminent.
Although not directly stated, Monica Long’s comment hints at a shift towards the XRP Ledger, suggesting potential advantages for Ripple Labs in the foreseeable future. The payments company appears to be keen on promoting the tokenization initiative through the XRP Ledger, as evidenced by their partnership with Archax.
As a forward-thinking crypto investor, I’m excited about the potential benefits that our company stands to reap from the ongoing mainstream adoption trend, thanks to its cutting-edge product advancements.
Place of RLUSD stablecoin
Among Ripple Labs’ key product offerings to advance the tokenization movement is their RLUSD stablecoin. Introduced in December, they view this as a means to bolster Real-World Usage (RWA), leveraging the increased liquidity provided by RLUSD.
So far, the stablecoin has earned significant recognition, surpassing significant adoption thresholds on leading international exchanges. It has also made its way into various territories, such as Singapore, through Independent Reserve.
With RLUSD, Ripple hopes to play a vital role in banks’ mainstream embrace of crypto products.
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2025-01-14 15:30