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UK Regulated Liability Network to experiment with digital pound as tokenized deposits
September 05, 2023
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Earlier this year, the Regulated Liability Network (RLN) made a big splash in the United States with trials involving several banks, Mastercard and the New York Federal Reserve. Now the UK Regulated Liability Network plans to experiment with a retail digital pound backed by commercial bank money or tokenized deposits. The RLN is a blockchain network for interbank payments and other digital assets. 

This is not the first piece of UK Regulated Liability Network work. Last year, EY coordinated another UK proof of concept for cross border payments. Like this one, it was a relatively low key affair in terms of publicity. 

However, we can confirm participants include the UK’s three largest banks, HSBC, Barclays and Lloyds. They were joined by Santander UK and Visa, with EY running the project on behalf of industry body UK Finance. Together, they published a paper today without mentioning the bank participants.

“We look forward to continuing this partnership to make all regulated money, all pounds and more, smarter for our customers,” said Peter Left of Lloyds Banking Group.

The RLN supports separate “partitions” or mini networks for each participating bank, as well as central banks. The idea is that interbank payments are settled using the central bank’s partition, but the UK RLN participants also considered other options.

In this Discovery Phase the UK Regulated Liability Network analyzed three use cases considering the business, technology, and regulatory requirements. The applications considered were a retail digital pound, wholesale B2B cross border payments, and securities settlement.

Retail digital pound chosen out of three use cases

Moving forward with the consumer payments use case for the Experimental Phase may not be the most obvious choice. However, a key rationale was the ‘functional consistency’ of money. The Bank of England has said it is more than 50% likely that there will be a decision to launch a retail central bank digital currency (CBDC), and third parties will provide programmability. Hence, unless commercial bank money is also programmable, a CBDC threatens to break the ‘uniformity’ of money in the UK. 

Our interpretation is with commercial bank money lacking programmability, a CBDC might prove attractive for corporates and consumers. Additionally, UK Finance has previously pushed back on the high holding limits of £10-£20,000 ($13-$26,000) that the central bank is planning for the digital pound CBDC. Hence, the RLN might help to level the playing field.

Barclays recently published a paper on this topic of functional consistency. Its analysis concludes that a financial market infrastructure should host the programmability function. It doesn’t name institutions, but that could include the RLN. 

Our interpretation is to achieve consistency, PayUK potentially might host the programmability aspect. Pay UK operates several existing UK payment infrastructures. And if it hosted the functionality, tokenized deposits and a CBDC digital pound could share the same programmability infrastructure. Extending that logic, Pay UK could operate the RLN.

Retail tokenized deposts will involve a large number of merchants participants, which would need to be simulated in the early stages. The RLN mentioned potentially building on the work from the Bank of England’s digital pound Project Rosalind

Tokenized deposits for cross border, securities settlement

Out of the three UK Regulated Liability Network use cases, wholesale cross border payments came last regarding feasibility. The RLN participants recognized the potential benefits of improved speed and cost, 24/7 availability and reduced risk. However, cross border payments are seen as more complex because of the need to involve overseas regulators.

A point not mentioned in the report is that at least three of the RLN participants – Barclays, Lloyds and Santander – are also involved in Fnality. That’s a UK-based infrastructure targeting token-based wholesale cross border payments using a different model to RLN. So, if RLN pursues the same use case, there would be quite a bit of duplication of purpose. But those participating in both projects also have a front row seat to the regulatory struggles. 

Fnality is also viewed as one of the potential RLN settlement assets alongside an API linked to the real time gross settlement system (RTGS), and a wholesale CBDC.

The third securities settlement use case also overlaps somewhat with Fnality. The RLN participants view it as attractive timing-wise because of the UK’s Digital Securities Sandbox. Specifically, the use case is to use the RLN for the post trade settlement of repurchase agreements (repos). Repo is currently amongst the highest traction use cases for regulated DLT.

Some of the advantages of using the RLN would include 24/7 liquidity, settlement efficiency and automated margining. But the involvement of non bank entities, such as central securities depositaries (CSD), pushed it into the medium feasibility category.

UK RLN is likely to use blockchain

Part of the Discovery Phase work included comparing whether to adopt a centralized or decentralized technology, arriving at a preference for DLT. The reasons given were tokenisation, integrity, transparency and privacy. 

A range of technologies were assessed, including Corda (R3), Adhara, Millicent, Quant, Polygon, Canton (Digital Asset), Setl and Knox. They also analyzed others such as Quorum, Parity and Hyperledger Besu. 

However, the participants didn’t share any decisions on the tech providers. We believe that Setl with Citi originated the RLN concept, and Setl and Digital Asset have been working on it for more than a year.

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Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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