Ripple has launched a new platform for central banks, governments, and financial institutions to issue their own central bank digital currency, called the Ripple CBDC Platform. The platform is built on the same blockchain technology as the XRP Ledger and can address multiple use cases, such as wholesale and retail CBDCs or issuing stablecoins. The aim is to holistically manage and customize the entire life cycle of fiat-based CBDCs, transactions, and distribution. Ripple’s VP of Central Bank Engagements & CBDCs, James Wallis, said that the platform will help solve problems for many central banks and governments devising plans for CBDC implementations. The platform’s innovative capabilities are expected to facilitate instant settlement of both domestic and cross-border payments, mitigate risk vectors, and enhance user experience.
Ripple has also partnered with the Republic of Palau to develop the country’s national digital currency on the Ripple CBDC Platform. Palau’s President, Surangel Whipps Jr, said that the partnership is part of their commitment to lead in financial innovation and technologies, providing Palau citizens with greater financial access. Additionally, Ripple will demonstrate the use case for its CBDC platform through the e-HKD Pilot Programme led by Hong Kong Monetary Authority. Ripple is also working with Taiwan’s Fubon Bank to develop a product for real estate asset tokenization and equity distribution under the e-HKD pilot. While XRP’s price remains trending upwards, it has maintained its gains in an otherwise flat market over the last 24 hours.