Anders (@X__Anderson), a prominent figure in the cryptocurrency community, recently drew attention to an intriguing statement made during an interview on The Claman Countdown on Fox Business.
David Stryzewski, CEO of Sound Planning Group, said that Bank of America is actively using Ripple’s technology.
Stryzewski referenced the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, which has loomed over the company since 2020. He described the lawsuit as a “weird” move that stifled Ripple’s growth.
Despite the legal challenges, Ripple has continued to expand its global presence. There is speculation that the incoming Donald Trump administration will dismiss the lawsuit against Ripple, freeing the company to expand in the U.S., and allowing partners to leverage XRP, RLUSD, and Ripple’s technology without fear of legal action from the SEC.
During the interview, Stryzewski described XRP as the infrastructure for future financial systems. He noted that Ripple had developed a stablecoin and claimed that Bank of America uses this technology for internal transactions.
Ripple has long promoted its XRP Ledger (XRPL) as a fast, cost-effective, and scalable platform for cross-border payments. The XRPL has lived up to this reputation, with one notable example being Michael Arrington of Arrington Capital, who transferred $50 million using XRP in 2 seconds for a fee of 30 cents.
With major financial institutions showing interest in blockchain solutions, speculation about XRP’s adoption by Bank of America has grown. This speculation has intensified after Ripple launched its stablecoin RLUSD, as the regulated USD-backed stablecoin is an appealing offering to institutions.
Ripple’s partnerships and collaborations with banks worldwide have positioned it as a key player in the financial technology space. With RLUSD, there’s a good chance that a major financial institution like Bank of America could consider this technology.
Stryzewski also mentioned 83 patents filed by Bank of America and referenced using stablecoins for its internal transactions. It is unclear whether Bank of America holds patents specifically tied to Ripple, XRP, or the XRPL, but the bank has thousands of technology-related patents.
The potential use of stablecoins, as mentioned by Stryzewski, boosts the appeal of RLUSD for Bank of America as the new stablecoin has become one of the most used in the few weeks since its launch. Adoption by Bank of America would positively impact XRP and cement RLUSD as a major player in the stablecoin market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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