Ripple CBDCs Were in Focus in 2023, Community Expert Says
While Ripple, a U.S.-based fintech heavyweight, was always associated with retail payments infrastructure, the year of 2023 might have changed the status quo and moved its focus to another sphere.
In the last months, announcements about Ripple-backed central bank digital currency (CBDC) projects have outnumbered those about its involvement in payments solutions. This shift has been noticed by @WKahneman, a pseudonymous observer of XRP Ledger and Ripple ecosystems.
At the same time, the number of Web3 developers working on top of XRP Ledger (XRPL) increased in 2023, according to @WKahneman. He mentioned that XRP enthusiasts should spread the love to engineers working with XRPL-based solutions.
In response, his audience speculated that Ripple’s shift from payments to CBDCs might be due to the extreme hostility of the U.S. Securities and Exchange Commission (SEC).
Throughout 2023, Ripple has formed numerous long-term strategic partnerships in the CBDCs segment. The company is actively contributing to government stablecoins in various regions across the globe, from Georgia and Montenegro to Palau and India.
Moreover, Ripple has become a member of Digital Euro and Digital Pound associations and is a technical partner of Mastercard’s stablecoin program.
Another significant trend in 2023 is the growing activity of XRPL-focused developers. The ecosystem is currently close to approving the automated market maker (AMM) functionality on XRP Ledger’s mainnet.
The corresponding proposal is expected to be included in the v1.12.0 release of the client software. As of today, by December 16, 2023, 17 out of 35 XRP Ledger (XRPL) validators have voted in favor of the amendment, reaching 48.57% support. Any additional validators joining will contribute to a majority vote. Once activated, this functionality would turn XRP Ledger into a comprehensive ecosystem for DeFis and on-chain wallets.
The shift in Ripple’s focus from retail and business payments to CBDCs has caught the attention of the community. The increased activity of Web3 developers on XRP Ledger also indicates the growing importance of the platform. As the company continues to forge partnerships in the CBDC space, it reaffirms its commitment to digital currencies and the future of financial technology.
Please note that this news article is generated based on the provided details and does not reflect the opinions or views of any specific news agency.
