The crypto community is abuzz with the possibility that the proposed digital euro may utilize XRP, thanks to a recent revelation by crypto pundit SMQKE. This development comes as the XRP Ledger continues to gain traction, which is a positive sign for the altcoin’s prospects. The XRP Ledger’s growing utility is a significant factor in its increasing adoption, making it an attractive option for investors and users alike.
Uncovering the Digital Euro’s Connection to XRP
In a recent X post, SMQKE highlighted the potential ties between the proposed digital euro, set to launch by 2029, and XRP. The DLT pilot program is allegedly slated to issue this Central Bank Digital Currency (CBDC), while Axiology, an XRPL-based technological layer, will facilitate the DLT Transactional Settlement System (DLT TSS). This connection suggests a potential link between the digital euro and the token, which could have significant implications for the cryptocurrency market.
Furthermore, SMQKE noted that the DLT is working on a secondary market for tokenized securities, which is also a positive development for the crypto and the Ledger. Despite these connections, the European Central Bank (ECB) has yet to confirm whether it will launch the CBDC on any public blockchain, including the Ledger. As the ECB continues to explore the possibilities of a digital euro, the potential for XRP’s involvement remains a topic of interest for crypto enthusiasts and investors.
The Ledger is already home to several stablecoins, including Ripple’s RLUSD and Circle’s USDC, which are natively issued on the network. Additionally, Schuman’s EURØP, a MiCA-compliant and euro-backed stablecoin, is also issued on the Ledger. The issuance of these stablecoins on the network is bullish for the token, as it could boost the altcoin’s adoption as the native token of the Ledger and increase its potential for widespread use in the crypto market.
Notably, the Ledger developers are working on several updates to help onboard institutions onto the network, including privacy tools to ensure that these institutions can move their funds on-chain without being monitored. These developers are also working to eliminate the risk posed by quantum computing by introducing quantum-resistant code on the Ledger, making it a more secure and reliable option for users.
“The Global Financial System Is Running On XRP”
In an X post, crypto pundit Jake Claver declared that the global financial system runs on XRP and that big banks are quietly accumulating the altcoin because they know what is coming. He further noted that one the altcoin can power multiple cross-border transactions daily and that several companies will soon need it to survive in global trade. Claver’s statement highlights the potential for XRP to play a significant role in the future of global finance, making it an exciting development for crypto enthusiasts and investors.
However, popular community member Crypto Eri countered Claver’s statement, suggesting that banks do not need to hold the token for these transactions. She stated that Ripple facilitates ODL for payment providers using XRP in liquidity corridors, which includes an optional Ripple-managed wallet that the user dips into on demand without exposure to the altcoin. In line with this, she said that banks don’t quietly accumulate for payments but instead use the Ripple payments solution, highlighting the complexity of the issue and the need for further clarification.
At the time of writing, the altcoin’s price is trading at around $2.13, up over 3% in the last 24 hours, according to data from CoinMarketCap, making it an exciting time for investors and crypto enthusiasts to keep an eye on the market.
Featured image from Freepik, chart from Tradingview.com
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