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RIPPLE: Innovation in Central Bank Digital Currencies
Feb 27, 2023
March 01, 2023
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According to recent research from the Atlantic Council Tracker, the majority of the world’s Central Banks are seriously considering Central Bank Digital Currencies, with many projects already underway.

While the facts indicate that planning for and testing of digital forms of national currency are underway, actual implementation often lags behind due to lack of experience, understanding of use cases and specific applications.

In order to foster innovation and drive the development of CBDC applications, Ripple sponsored a CBDC Innovate Challenge in 2022. Enterprise and individual developers were encouraged to enter the challenge and develop CBDC applications using Ripple’s technology, in three categories:

  • Retail
  • Interoperability 
  • Financial Inclusion

The CBDC Innovate Challenge closed with a total of six winners (two from each category) at the end of 2022. The enthusiasm among developers surrounding the challenge was strong and Ripple received almost 500 entries.

CBDCs are Ideal for Innovation

Well-designed CBDCs, backed by the safety of Central Bank Reserves and country regulations, offer not only a secure and reliable means of performing digital transactions, they can also help to solve some of the world’s biggest challenges including financial inclusion and sustainability. 

With CBDCs, payments can be accelerated, banking and third-party transaction fees can be lowered and the environmental burdens of printing fiat currency—using paper and significant energy resources—can be eliminated. 

Jose Jesus Perez Aguinaga, conFIEL founder and CBDC Innovate winner highlights how CBDCs can be a stable, beneficial, and positive force for people around the world, stating that “with the adequate technology and controls in place, CBDCs can actually bring financial freedom to individuals.” 

For the Innovate Challenge, conFIEL developed a unique localized application, designed to be used by the Central Bank of Mexico. conFIEL explored building a retail CBDC on top of the XRP Ledger for Mexico’s Central Bank (Banxico) using SAT (Mexican tax authority) digital signatures called FIEL (or e.Firma). The use of the digital signatures verifies the identity of the users, thereby helping to prevent fraud and theft.

conFIEL is just one of the winning CBDC Innovate projects showcasing how CBDCs can be used to promote financial inclusion and fast, accelerated payments.

Powering Next-Gen Financial Services with CBDCs

CBDCs are uniquely positioned to drive innovation within the financial services industry and in other adjacent ecosystems. 

Community Loans enables users to give out and take uncollateralized loans in a peer-to-peer manner, incorporating a unique reputation-based system to establish trust. In his entry for CBDC InnovateCommunity Loans developer Rahim Klaber, “tried to think about how users would interact with the application and what I would need from the users and went from there. Using CBDCs means that the users are (hopefully) already KYCed and handling fraud could also be simplified.” 

Rahim believes that CBDCs are an ideal platform for innovation thanks to their ability to be backed specifically by a nation’s central bank, and their ability to enable easier-to-build, interoperable financial systems.

Ripple’s CBDC Innovate Challenge aims to help drive accessibility to CBDCs as a platform for innovation within payments and financial services, with CBDCs acting as a gateway for individuals into different areas of web3. 

One example is the PeerPay app, created by CBDC Innovate winner Nestor Campos Rojas. PeerPay offers the unique ability to transact payments with a variety of digital assets. PeerPay is a payment system that allows anyone to transact money, send and receive different assets, see transfers, and manage an agenda of recipients. Nestor created PeerPay because he “believes that the future of payments has to be inclusive and interoperable.” 

CBDC Payment and Interoperability Apps

Two other specific entities to highlight from the CBDC Innovate Challenge include SpendTheBits and Checksum. Both applications provide a solution to enable CBDCs to work as a functional bridge between other digital assets.

“CBDCs hold great potential to revolutionize finance with impacts such as financial inclusion, reduced friction, near-instant settlement times, interoperability, and integration with enterprise and retail applications,” says SpendTheBits founder Jay Kambo, who conceptualized the project by leveraging a central bank monetary framework and perspective.

SpendTheBits (STB) is an application that allows retail users to make payments in multiple currencies including CBDCs, cryptocurrencies, and stablecoins. With SpendTheBits secure, interoperable payments can be made in seconds rather than days. The SpendTheBits application incorporates a CBDC Portal, the STB Mobile and Merchant App, and STB Exchange Portal to allow interoperability and liquidity. 

Checksum, developed by whirledlabs, specifically takes on a business-facing perspective with advanced payment features and user interface that enables enterprises to easily process checks, invoices, expenses, and payroll for B2B CBDC management. Ryan Molley from Checksum describes his experience with CBDC Innovate: “This was a tough challenge that attracted many skilled developers and interesting projects. The future is bright for the XRP Ledger. We are honored to have been selected as the Retail-facing Enterprise winner after two competitive phases. It is encouraging to see industry professionals considering innovative solutions to solve real-world problems.” 

A New Way to Fund Loans Using Digital Currency

The P2P Loans app (aka P2P-CBDC) offers the capability to provide loans for anyone with an XRP Ledger account. P2P CBDC is decentralized, open-source, fast, simple, and low-cost, making it accessible to anyone around the world. 

Chris Winkler, creator of P2P-CBDC shared his thought process in formulating his app: “For the 2022 CBDC Innovate challenge, we combined the unmet needs of people that don’t have access to financial services—like loans—with the global development of fast, secure and more accessible CBDCs. That’s when the fusion of our idea of P2P-loans with CBDCs on the XRP Ledger was born. The XRPL and its outstanding technology enables us to empower people to transform their lives by providing them with the exact financial services they need.” 

Creating New Opportunities in the Digital Asset Ecosystem

The financial ecosystem is ripe for change and innovation, with digital assets presenting a whole new world of transactions conducted between governments, institutions, and individuals on a daily basis. As such, CBDCs can help facilitate innovation through public and private sector initiatives to help encourage more widespread development and interest. 

CBDC Innovate will be returning in Spring 2023. Look for updates on ripple.com/cbdc for details and how to enter the challenge.

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Source: The Dinarian ⚡ Claude AI

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Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. Mooly Sagiv, Co-Founder of Certora
SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. Robert Chen, CEO of OtterSec
 

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. Markus Paulson, Co-Founder of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
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  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
  • Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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