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Ripple Transacts $3.3B Between Mexico and US With Bitso Using XRP
April 16, 2023
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It looks like Ripple’s business operations overseas continue to expand at an impressive rate despite the ongoing lawsuit against the SEC in the US.

Bitso is known as one of the major partners of Ripple which uses XRP-based payment technology to do cross border settlements and remittances.

The Ripple partner just revealed that it had recorded a total of $3.3 billion of remittance transactions last year which is 3 times the amount of the previous year.

Such massive growth is especially impressive given that the global economy had bee suffering from inflation and Bitso was still able to capture the majority of the remittance market between the US and Mexico.

It is expected that this trend will continue for the rest of Latin America as well as the Asia Pacific region.

Bitso said it recorded the growth it quoted riding on its partnerships with outfits offering stablecoin and XRP technology payments. In general, the current traditional payment system makes remittance a very big deal for most people. With transactions costly and with a whole lot of delays in getting the funds, blockchain alternatives are largely becoming more attractive.

With the Ripple On-Demand Liquidity (ODL), most of the bottlenecks associated with remittances have finally been resolved, giving people extra ease to access funds in minutes.

According to Aaron Sears, General Director of the Americas at Ripple Labs Inc, the company is committed to solving any form of payment challenges that may arise.

“Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients. (…) and we look forward to continuing our alliance to bring cryptocurrency-powered cross-border payments to more businesses across Latin America,” he said, based on a Google translation of his statement per the report.

Ripple is also likely to continue to develop partnerships with other firms besides Bitso because Bitso has become a well known example of a successful implementation of XRP-payment technology.

The company had reported that the bulk of transactions were either done using stable coins of XRP which indicates that the usage volume of XRP will continue to increase over time.

Financial institutions that utilize blockchain technology have also realized that adoption of this technology is essential if they want to increase their market share or stay competitive.

This makes the XRP ecosystem one of the most attractive solutions which is why more and more insitutions are using XRPL outside of the US.

The data for 2023 is expected to surpass the volume that was recorded for 2022 due to the numerous amount of partnerships that were formed this year.

Despite the ongoing macroeconomic factors that have attacked the global economy, Bitso cross-border transactions have been thriving. Specifically, the remittance flow between the two North American countries has only grown stronger.

Crypto exchange Bitso stated the increase in remittance but also noted it’s happening as part of its partnership with XRP technology payments. Moreover, due to the presence of Ripple On-Demand Liquidity (ODL), the blockchain alternative to costly transactions has been answered. Subsequently giving access to funds at a much quicker rate.

Aaron Sears, the General Director of the Americas at Ripple Labs, noted their commitment to combating payment challenges. “Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients,” he stated, according to Crypto News Flash.

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Stellar's Ecosystem Surges Forward: Smart Contracts, Lightning Speed, and Real-World Impact in 2025

The Stellar blockchain ecosystem is experiencing remarkable momentum in 2025, with groundbreaking technical achievements and expanding real-world adoption that position it as a major player in the decentralized finance landscape. From lightning-fast transaction speeds to innovative smart contract capabilities, Stellar is demonstrating that blockchain technology can deliver both performance and practical utility.

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The Road Forward

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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).
  • Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
  • 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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If you find value in my content, consider showing your support via:

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