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Ripple Makes Case for Crypto B2B Payments
May 11, 2023
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After a gut-punch 2022 that saw losses, layoffs and failures, the crypto sector's most enduring real-world benefits are centered in the payments space, Brendan Berry, head of payments products at crypto provider Ripple, tells PYMNTS.

Cryptocurrency’s shiny object appeal has been dulled by ongoing industry turmoil and regulatory scrutiny.

But digital assets have always served as a lightning rod for consumers.

“What happened through 2022 was a lot of layoffs, companies going under and consumer losses,” Brendan Berry, head of payments products at enterprise crypto provider Ripple, told PYMNTS.

 

“We are coming out of that period with a healthy skepticism separating what was a large amount of hype and speculative investment driving bull market activity, from real companies and technologies solving real customer pain points,” Berry added.

Because of that healthy skepticism, it has never been a better time to be a “builder” in the space, he said.

“This is the time to roll up your sleeves and create with a focus on driving real utility in contrast to many of the ‘technology in search of a problem’ approaches that we saw during the winter pullback,” he explained.

Crypto and Blockchain for Payments

Research in the PYMNTS report “Cryptocurrency, Blockchain and Cross-Border Payments: Selecting a Blockchain Technology Partner” found that while many businesses see blockchain payments technology as important to streamlining cross-border payments, more than half worry that it comes with regulatory risks.

Berry said Ripple is focused on “enabling value to move at the speed of information,” highlighting that many of crypto’s most enduring real-world utility benefits are within the payments space.

“There’s been significant adoption and interest from businesses [around using crypto to facilitate instantaneous cross-border transactions] that is only continuing to accelerate,” he said.

Berry explained that enterprises aren’t turning to crypto just for the sake of technology, but rather that crypto’s utility “solves for real customer problems.”

As for what those problems are and how crypto can help companies solve them?

“The problems that the promises of blockchain are already delivering on include reducing the cost to move funds, increasing the speed with which you can move funds, increasing transparency, all while increasing the availability of being able to move funds 24/7/365,” Berry said.

Supporting this notion, PYMNTS data showed that there is an ongoing opportunity to provide more education around the use of crypto for payments.

Cross-Border Payments Illustrate Blockchain’s Impact

“The important thing to emphasize is that [blockchain] technology is super nascent; the innovation is just getting started,” said Berry. “We’re at a paradigm now where you can ask, ‘What is it doing?’ And it’s solving real pain points and problems. Cross-border payments in particular are an incredible space where you can see that impact here and now.”

He compared crypto’s runway to an “analogously transformative technology like the internet.” There were many market cycles, but what drove adoption and changed behavior was where the internet was able to solve real problems.

“You’re absolutely seeing that in payments,” Berry said, underscoring how blockchain’s ability to increase cross-border transaction speeds while lowering settlement costs provides a valuable white space opportunity for many enterprises looking to conduct their business abroad.

“Remittance companies in the U.S. alone were responsible for driving about a 350% increase in crypto payments adoption in the last three years,” he said, noting that the remittance space is highly price sensitive and “really impacted” by inefficiencies among other cross-border payment rails.

Still, Berry emphasized that crypto has been adopted more broadly as “large corporations lean in for payroll or paying suppliers.”

“Financial institutions who are trying to move funds for use cases such as treasury, moving funds across their organization or pre-positioning capital — they are seeing utility in crypto,” he said.

Many finance leaders take on behaviors that they don’t realize are inefficient simply because legacy systems are accepted as the status quo.

“Traditionally, the technology infrastructure and systems with which [CFOs or treasurers] rely to move funds internationally result in all sorts of pain points that are passed on to the organization, including inflexibility, slow money movement, among others,” he said.

He said he “fundamentally disagrees” with the premise that enterprises need to accept the present cross-border money movement environment as fact and he is looking forward to building greater education and trust around how crypto solutions can remove frustration and anxiety from cross-border transactions.

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

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The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

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Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

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MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

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Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

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The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

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“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

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Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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Dubai regulator VARA classifies RWA issuance as licensed activity
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~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

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- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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