A U.S. Federal Reserve Bank district, The Federal Reserve Bank of Atlanta, announced XRP as a certified global payment option. Atlanta Fed Reserve Bank declaration is coming after the U.S.-based bank district recently focussed attention on Ripple’s mode of operation and how the company utilizes XRP to enhance cross-border payment requirements.
The Atlanta Fed Reserve Bank made known its stance known in its latest Policy Hub iteration from the Atlanta Fed titled, “An Introduction to Web3 with Implications for Financial Services.”
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A Brief Insight Into The Fed Reserve Bank Report
The report is centered primarily on the promise of Web3 and the application of digital assets. The report also highlighted the increasing adoption rate of Web3 and blockchain technology, especially among public institutions such as central banks.
The report also features Project Mariana, an established proof of concept initiated by the Bank of France, the Bank for International Settlements (BIS), and several other financial settings.
According to the Fed Reserve Bank, Ripple and Stellar are two blockchains most suitable for facilitating Mariana’s principal objective of enhancing seamless cross-border settlements. The report further notes that XRP is “roughly envisioned as an international payment medium or wholesale settlement coin.”
While the report seems to focus more on XRP, it is worth noting that it includes a bigger Web3 picture in the background report information. Also, the paper did not mention if the Atlanta Fed intends to adopt XRP as a payment option.
The Atlanta Fed released a report re: Web3 & finance that mentions #Ripple. They describe #XRP as an "international payment medium or wholesale settlement coin." "Wholesale settlement" is interesting context. Also a brief overview of Project Mariana.https://t.co/pzazPU8zvu pic.twitter.com/2LAC74RwSR
— WrathofKahneman (@WKahneman) May 25, 2023
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Ripple in the CBDC Development Space
Recently, Ripple announced the launch of its personalized (Central Bank Digital Currencies) (CBDCs) platform developed in partnership with the Central Bank of Montenegro. The digital currency platform enables central banks to create their digital currencies. Financial firms using this platform are eligible to use XRP and some selected coins as a bridge currency.
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