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U.S. Faster Payment Council Points Up Ripple and XRP’s Cross-Border Payment Capacity
July 03, 2023
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The Faster Payment Council (FPC) of the United States has recognized Ripple’s cross-border payment solution and the use of XRP as a tool to improve efficiency and lower costs in the sector.

The FPC recently highlighted Ripple and XRP in a document dedicated to discussing cross-border payment alternatives, which is an interesting step. Screenshots of the letter surfaced on Twitter from a pro-XRP account, confirming the council’s acknowledgment of Ripple’s solution as a potential game changer in the industry.

FPC’s Efforts Towards Faster Cross-border Payments

The FPC’s Cross-Border Payments Work Group, which was founded in 2020 with 30 varied members’ participation, has been assiduously examining avenues to improve speedier cross-border payments.

The organization released the ‘Cross-Border Faster Payments White Paper’ in June 2021, which defined the requirements for faster and more efficient cross-border transactions. These specifications prioritized speed, cost, ubiquity, transparency, and risk.

After a year, the workgroup broadened its scope to include worldwide efforts affecting cross-border speedier payments, including Bitcoin (BTC). The FPC’s workgroup studied the possible impact of US Central Bank Digital Currencies (CBDCs) on the adoption of real-time cross-border payments with this amended mission. The panel analyzed numerous market solutions, paying special attention to Ripple’s approach.

Shedding Light on Ripple

Ripple’s solution, which uses XRP as a digital currency and is built on a blockchain ledger, functions as a bridge between local fiat currencies, according to the document. This enables quick, transparent, and final cross-border payments by connecting financial institutions and payment providers around the world over a global network.

According to the document, Ripple’s solution efficiently eliminates the requirement for pre-funding destination accounts, lowering operational expenses and freeing up money for institutions.

Although Ripple’s approach shines out, the FPC’s document also mentions other noteworthy alternatives, such as Circle, which offers cross-border value exchange via the stablecoin USD Coin (USDC).

Recognition by Key Organizations

As previously reported, the International Monetary Fund (IMF) has identified Ripple as having a crucial role in facilitating cross-border payments.

Ripple’s capacity to facilitate quick and cost-effective payments using the XRP Ledger (XRPL) has piqued the interest of important participants in the payment sector. Such continuing acknowledgment raises Ripple’s profile and paves the road for greater worldwide adoption.

Ripple’s Ongoing Growth and Future Prospects

Ripple’s cross-border payment solution and use of XRP as a digital asset have pushed the company’s growth and secured its position as a payment industry leader. Ripple has been able to address the pain points associated with traditional cross-border transactions by focusing on speed, transparency, and cost-efficiency.

Ripple’s creative approach has positioned it for future success as the crypto sector evolves. Its dedication to using blockchain technology, as well as its emphasis on real-time, secure, and final settlements, has garnered popularity among financial institutions and payment providers around the world.

Furthermore, Ripple’s ongoing recognition by prestigious organizations such as the United States Faster Payment Council and the International Monetary Fund strengthens confidence in its solution and offers avenues for more viable partnerships.

In the future, Ripple’s visibility, along with its ability to facilitate smooth cross-border payments, will be a watershed moment in the crypto business. As more stakeholders embrace Ripple’s potential, it opens the door to widespread adoption and profound changes in the way we conduct global transactions.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

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This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

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Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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