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👀 FedNow and Ripple: What You Need To Know 👀
Ripple Is Among The Nearly 60 Partners Approved To Integrate With FedNow
January 02, 2024
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On June 29th, 2023, the Federal Reserve announced that it had approved 57 early adopter entities, including Ripple, as part of its FedNow pilot program. During the adoption process, Ripple and other financial services providers will undergo final trial runs on the service to ensure that it’s ready for widespread adoption

This announcement marked the official integration of Ripple technology and XRP within the FedNow payment system, signaling a significant development in the use of blockchain technology and digital assets in the global financial system. In particular, it represents the Federal Reserve’s interest in incorporating private blockchain technology providers into its payment processing systems. It should also be noted that FedNow has relied on Ripple’s Interledger Protocol (ILP) technology to form the core of FedNow’s digital transaction infrastructure, meaning that this partnership is deeper than many might think.

The partnership between Ripple and FedNow has also dramatically increased interest in Ripple and its native XRP cryptocurrency, despite Ripple’s prolonged legal battle with the SEC in regards to accusations that Ripple Labs sold XRP as an unlicensed security. 

What is FedNow?

                                 FedNow marketing graphic. Source: The Federal Reserve

FedNow, which launched in July 2023, is the Federal Reserve’s new instant payment service, which is mainly intended for bank-to-bank transfers and transfers between banks and other registered financial entities. Traditionally, the Federal Reserve has lagged significantly behind private payment services, and many consider FedNow as an attempt to remedy this discrepancy

Is FedNow a CBDC? 

While many have accused FedNow of being a subtle attempt to issue a CBDC (central bank digital currency) that could replace cash and traditional U.S. dollars, this is far from the truth

According to the Federal Reserve

“The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.

 

The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law.” 

In addition, in his March 2023 testimony before the House Financial Services Committee, Federal Reserve chairman Jermome Powell assured legislators that the Fed would need direct congressional approval before issuing any kind of CBDC. 

What is Ripple? 

                                       Ripple logo and graphic. Source: Ripple.com

Ripple is a blockchain-enabled payment network utilizing the XRP cryptocurrency. Ripple, somewhat like FedNow, is generally intended for interbank transfers and transactions between major financial institutions, with a specific focus on cross-border transactions. In the context of the Ripple blockchain ecosystem, XRP cryptocurrency serves as a temporary settlement layer between two independent financial networks or between two different currencies. Ripple was created by a private company, Ripple Labs, in 2012. 

Specifically, Ripple was designed to compete with the SWIFT (Society for Worldwide Interbank Financial Telecommunications) financial transfer network. While the average SWIFT transfer takes between 1-4 days (and sometimes longer), XRP transactions typically take between 3-5 seconds. In addition, transactions are quite affordable, with most transfers costing less than 1 cent. 

                                  Ripple transactions per day, Feb. 2013 to Aug. 2023. Source: Statista. 

The average XRP transaction takes about 3-5 seconds and costs less than 1 cent in fees.

As of late 2023, Ripple has partnered with a variety of well-known national and international banks and financial institutions, including Bank of America, Amazon Web Services, American Express, Banco Santander, and Standard Chartered Bank. In addition, Ripple also had a multi-year partnership with MoneyGram, but in 2021, MoneyGram decided to wind-down their partnership due to concerns over Ripple Labs’ lawsuit with the SEC. 

While Ripple is one of best-known blockchains on the market today– and one of the few chains that has demonstrated real-world value outside the crypto ecosystem, many experts have significant concerns over the network’s level of centralization. 

Much like many other blockchain networks, when the Ripple network started, Ripple Labs controlled the vast majority of the network’s nodes, as well as the vast majority of the chain’s native XRP currency, making the network extremely centralized. Many experts state that Ripple has taken an extremely slow road when it comes to decentralization, which is a core part of the SEC’s legal argument that XRP is a centralized security issued by Ripple Labs, not a decentralized commodity or currency. 

However, Ripple has taken some important steps when it comes to decentralization. As of October 2022, Ripple announced that it had sold a significant amount of its XRP holdings (stating that it now owned less than 50% of all XRP), and, perhaps more importantly, it stated that it only operated four of the network’s approximately 130 validator nodes

Despite these efforts,Ripple still remains incredibly centralized when compared to blockchains like Ethereum. For example, as of late 2022, the Ethereum Foundation, the most centralized entity associated with the Ethereum blockchain, stated that it only owned 0.3% of all ETH in circulation, and does not actively operate any validator nodes

In addition to facilitating cross-border interbank and financial services transfers, Ripple is also developing a CBDC (central bank digital currency) platform, which would make it easier for central banks and governments to create and distribute CBDCsThis platform functions as an advanced and customized iteration of Ripple’s Private Ledger technology, helping facilitate major functions including minting, distribution, redemption, and token-burning.

The Technical Details of The FedNow’s Partnership With Ripple 

Ripple’s technology partnership with FedNow goes much deeper than many might think. Ripple isn’t just a minor partner involved in testing the beta version of the FedNow transaction network– instead, Ripple’s underlying technology is actively being used as a core part of the FedNow system. Specifically, Ripple’s innovative Interledger Protocol (ILP) actually provides much of the technology infrastructure for FedNow’s transaction system. ILP is the core technology that enables Ripple, allowing the network to utilize the XRP cryptocurrency for secure, transparent, and near-instantaneous cross-border transactions. 

What Other Entities Are Part of the FedNow Pilot Program?  

According to a June 2023 press release from the Federal Reserve, some of the best known entities (other than Ripple) that are currently partnered with the FedNow program include BNY Mellon, JPMorgan Chase, U.S. Bank, and Wells Fargo Bank. 

What Does This Partnership Mean For The Future of Blockchain? 

Overall, as previously mentioned, the Fed’s partnership with Ripple shows us their increasing interest in public-private partnerships within the blockchain technology space. This could be a positive indicator that the Fed wants to support innovative technologies and create a more efficient, equitable financial system. Alternatively, it could indicate that the Federal Reserve simply wants more insight and influence over the development of blockchain technology in order to preserve its own influence over the U.S. (and global) monetary and financial system. 

This partnership could be one of many to come, and, it’s unlikely, but possible, that the Fed could partner with more organizations and protocols in the blockchain community, such as Layer-1 and Layer-2 blockchains and DeFi protocols like MakerDAO, creating the potential for a greater degree of monetary decentralization. 

FedNow’s Partnership With Ripple And Volante: Could It Boost Ripple’s Popularity? 

Flowchart describing Volante and Ripple’s interbank transfer system. Source: Twitter/X: BankXRP

While Ripple’s partnership with FedNow runs deep, there’s actually a third party that is also involved in the partnership– the software company Volante. Volante is a major client and partner of FedNow, and has also significantly contributed to the development of FedNow’s technological infrastructure. Some believe that this partnership is further good news for the Ripple ecosystem, and could give an additional boost to XRP prices, particularly if Ripple wins its lawsuit with the SEC. 

FedNow vs. Ripple: Are They Competitors? 

While it’s true that FedNow and Ripple have a strong partnership, some see the two entities as competitors, rather than partners, and this concept may have some degree of truth. While Ripple may be integrated into the FedNow network, both FedNow and Ripple are fast, low-cost, interbank financial transfer networks, and they may be competing for market share. 

In a contest between the two, FedNow has certain advantages, as it is backed by what many consider the most influential financial institution in the world, giving it significant power when it comes to shaping regulations that could benefit the growth of the FedNow network. 

However, Ripple has its own set of advantages over FedNow. For one, as a private, semi-decentralized enterprise, Ripple may be able to move much faster, creating better and more innovative financial solutions than the Fed, which could be tied down by the same regulations that it hopes to influence. Plus, Ripple might be trusted more than the Federal Reserve, an institution that some believe has misused its power in a variety of ways. In addition, FedNow’s focus is mainly on U.S. interbank and financial services transfer, while Ripple has partnerships all around the world, which could give it an edge when it comes to overall adoption. 

Finally, Ripple may be seen as a more private option than FedNow, as using FedNow directly gives a government organization both power and detailed information about financial transactions, information that some institutions would rather remain somewhat more private. 

Could Ripple’s FedNow Partnership Impact Its Lawsuit With The SEC? 

In addition to furthering Ripple’s profile, Ripple’s FedNow partnership could potentially influence the result of its lawsuit with the SEC. While the Federal Reserve is not a judicial enforcement agency and has no direct control or authority over the SEC, it’s still a very powerful organization– meaning that it could exercise some degree of subtle influence over the intensity of the SEC’s legal battle against Ripple. 

Plus, the Federal Reserve is highly unlikely to initiate a major partnership with an organization that it believes is likely to be shut down (or severely impacted) by government judicial action. This means that insiders at the Fed might know something the public doesn’t know about the inside details of Ripple’s lawsuit with the SEC. Therefore, theoretically, it could have evidence or information to suggest that Ripple will win, rather than lose, its lawsuit. 

In Conclusion: Ripple’s Partnership With FedNow Bodes Well For Ripple, But The Final Outcome Is Still Unclear 

FedNow’s close partnership with Ripple has likely helped the Federal Reserve develop its financial transfer technology significantly faster, with a higher degree of interoperability and security than it would have been able to create on its own. This is perhaps the biggest incentive for the Fed to continue its partnership with Ripple, despite the controversy surrounding Ripple’s legal battle with the SEC. For Ripple, the FedNow partnership is a major boon and has likely helped sustain the price of XRP during challenging market conditions. If the partnership continues to expand, and Ripple emerges victorious from its lawsuit, Ripple could gain increasing influence as a major player in the global financial system.  

References: 

  1. (Jun. 2023) Organizations Certified as Ready for the FedNow® ServiceThe Federal Reserve. 
  2. Dzhondzhorov, D. (Sep. 2023) Ripple v. SEC Lawsuit Important Update: Sep 26thCryptoPotato. 
  3. (Sep. 2023) Is the FedNow Service replacing cash? Is it a central bank digital currency? The Board of Governors of the Federal Reserve System. 
  4. Frankenfeld, J. (Jul. 2023) Ripple DefinitionInvestopedia. 
  5. Smith, M. SWIFT Transfers explained (Everything you need to know!) Key Currency. 
  6. Duggan, W. (Jul. 2023) Ripple (XRP) DefinitionUS News and World Report. 
  7. (Jul. 2023) Biggest Ripple Partnerships – How XRP Revolutionized the Blockchain IndustryCoindoo. 
  8. (Mar. 2021) Blockchain firm Ripple to end partnership with MoneyGramReuters. 
  9. Smith, A. (Oct. 2022) Ripple’s now owns less than 50% of XRP crypto and operates just 4 of the 130 validator nodesThe Coin Republic. 
  10. (Sep. 2022) Sephton, C. Revealed: How Much ETH is Owned By the Ethereum FoundationCoinMarketCap
  11. (Jul. 2023) Ripple Partner Volante To Take FedNow Cross-Border After Regulation, XRP To $1? CoinGape. 
  12. Ngetich, D. (Feb. 2022) US Fed To Launch FedNow In July, Countering Ripple? NewsBTC. 
  13. (Jul. 2023) What Is the Fed’s Relationship to Ripple’s Victory? Altcoinbuzz.

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Fund Tokenization Prepares Asset Managers for ‘Perfect Storm’

Synopsis:

  • Great Wealth Transfer will see $84 trillion of intragenerational asset transfer over the next 20 years
  • Gen Y and Z investors favor investment in alternative asset types, which tokenization makes more investable for HNW clients
  • Tokenization encourages platform changes, and will ultimately bring additional operational benefits

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Great Wealth Transfer prompts global investment shake-up

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Whilst the industry is not currently set up to offer this new investor class more customization, as opposed to one-size-fits-all product offerings, an 80% majority of asset managers believe customization for the masses will be an important investment strategy in the next five years.

 
 

                                          Ryan Lovell, Chainlink Labs

 

While asset managers could build their own proprietary blockchain infrastructure and smart contract systems from the ground up, that approach would require significant resources and specialized engineers, extend time to market, and be at higher risk of technical vulnerabilities or implementation errors. On the other hand, fully outsourcing the implementation would leave them with limited roadmap control, interoperability, and customizability, along with dependency risks.

Ryan Lovell, director of capital markets at Chainlink Labs, commented: “That’s why leading asset managers are taking a hybrid approach, leveraging both existing systems and Chainlink’s decentralized infrastructure to implement modular solutions that can scale across multiple blockchains.”

 

Industry transformation through tokenization

The launch of tokenized funds by firms such as BlackRock, Franklin Templeton, and Fidelity International has created a need for the fund administration industry to evolve to an onchain format. However, nearly all, 93% of fund services firms, have not automated data inputs, data checks, and key workflows, so their operations are still manually intensive, leading to increased operational costs, reduced liquidity, and missed investment opportunities. Standard transfer agent processing can take between one and three days for routine transactions, and between five and seven days for complex cases requiring additional compliance checks, cross-border settlements, or manual document verification.

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In order to reach this new onchain world, asset managers and their service providers may not want to make a huge investment to completely change their infrastructure, but instead adapt their existing systems to make them compatible with multiple blockchains.

For example, in November 2024, SBI Digital Markets, UBS Asset Management, and Chainlink completed the implementation of a tokenized fund to demonstrate how existing fund administration processes can be successfully made compatible with tokenized funds.

SBI Digital Markets, as a custodian and fund distributor, used smart contracts, oracle networks, and multiple blockchains to automate its processes. One of the key components was the digital transfer agent smart contract, which used multiple oracle networks from Chainlink and its blockchain-agnostic architecture to create a unified golden record.

Lovell compared the digital transfer agent to an offchain/onchain coordinator that does everything that a traditional transfer agent does, but in digital form.

“It does not replace the existing system but enables firms to be compatible with blockchain and then offer a service that can scale to all their customers,” he said. “Asset managers should be demanding this from their service providers.”

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Swift, UBS Asset Management, and Chainlink also settled tokenized fund subscriptions and redemptions using the Swift network, which enables payments with fiat currencies across more than 11,500 financial institutions in over 200 countries.

                                     Winston Quek, SBI Digital Markets

Winston Quek, CEO at SBI Digital Markets, said in a statement: “This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new onchain financial products and lower operational costs to investors, both things they are actively looking for.”

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The Great Wealth Transfer is driving asset management onchain

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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.

Technical Breakthroughs Drive Performance

The Stellar Development Foundation's Q1 2025 quarterly report reveals impressive technical milestones that showcase the network's maturation. The platform now processes an astounding 5,000 transactions per second with remarkably fast 2.5-second block times, putting it among the fastest blockchain networks in operation today.

This performance leap isn't just about raw numbers—it represents Stellar's commitment to creating infrastructure that can handle real-world demand. Whether it's cross-border payments, asset tokenization, or decentralized applications, the network's enhanced capabilities provide the foundation for scalable blockchain solutions.

Smart Contracts Get Smarter with Soroban

One of the most significant developments has been the launch and continued evolution of Soroban, Stellar's smart contract platform. The introduction of Contract Copilot represents a major advancement in developer experience, enabling faster and safer smart contract development through enhanced tooling and guidance.

This focus on developer experience is crucial for ecosystem growth. By lowering barriers to entry and improving the development process, Stellar is positioning itself to attract innovative projects and talented developers who might otherwise choose competing platforms.

New Token Standards Meet Market Needs

The Stellar Development Foundation has introduced new token standards developed specifically based on feedback from developers and institutional users. This responsive approach to platform development demonstrates Stellar's commitment to building technology that meets actual market needs rather than theoretical requirements.

These standards are particularly important as institutional adoption continues to grow, with organizations requiring robust, compliant, and flexible token frameworks for their blockchain initiatives.

Global USDC Integration Expands Utility

The integration of USDC across Stellar's global network represents a significant milestone for practical cryptocurrency adoption. Stablecoins like USDC provide the price stability necessary for everyday transactions and business operations, making them crucial for blockchain platforms seeking real-world utility.

This integration is particularly impactful in emerging markets, where access to stable digital currencies can provide financial services to underbanked populations and facilitate more efficient cross-border transactions.

Industry Events Build Community Momentum

The Stellar ecosystem's growing influence is evident in its presence at major industry events. The foundation's participation as a sponsor at Consensus 2025 in Toronto and Digital Assets Week in New York demonstrates its commitment to engaging with builders, investors, and institutional leaders across the blockchain space.

These events serve as crucial networking opportunities and platforms for showcasing innovative projects within the Stellar ecosystem. Recent Meridian events have highlighted creative projects like Skyhitz and HoneyCoin, illustrating the collaborative spirit and diverse applications being built on the platform.

Real-World Impact in Emerging Markets

Perhaps most importantly, Stellar's growth isn't just about technical metrics—it's about real-world impact. The platform's focus on emerging markets addresses genuine financial inclusion challenges, providing efficient payment rails and access to digital financial services where traditional banking infrastructure may be limited.

This practical approach to blockchain implementation sets Stellar apart from projects that focus primarily on speculative trading or theoretical use cases. By solving actual problems for real users, Stellar is building sustainable demand for its technology.

Looking Ahead: Enterprise-Grade Infrastructure

Stellar positions itself as offering enterprise-grade asset tokenization alongside its DeFi capabilities and payment infrastructure. This comprehensive approach makes it attractive to institutions looking for a single platform that can handle multiple blockchain use cases.

The combination of fast transactions, low costs, smart contract capabilities, and regulatory-conscious development creates a compelling value proposition for enterprises considering blockchain adoption.

The Road Forward

As 2025 progresses, Stellar's ecosystem appears well-positioned for continued growth. The technical infrastructure improvements, developer-focused enhancements, and real-world adoption initiatives create a strong foundation for expanding use cases and user adoption.

The blockchain industry has seen many projects promise revolutionary capabilities, but Stellar's focus on delivering measurable performance improvements and practical solutions suggests a mature approach to blockchain development. With transaction speeds that rival traditional payment systems and growing institutional adoption, Stellar is demonstrating that blockchain technology can move beyond experimental phases into mainstream utility.

For developers, institutions, and users looking for blockchain solutions that prioritize both performance and practical applicability, Stellar's 2025 developments represent significant progress toward a more accessible and useful decentralized financial ecosystem.

Source: The Dinarian ⚡ Claude AI

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Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

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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