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RIPPLE EYES $16 TRILLION CUSTODY MARKET – PAVING THE WAY FOR XRP ADOPTION BY MAJOR BANKS
▪️Ripple’s enhanced custody services position XRP for adoption by major banks as the $16 trillion market expands.
▪️Ripple’s strong compliance and security standards, along with key partnerships, pave the way for widespread integration of XRP in the tokenized economy.
After Ripple expanded as Taiwan prepares for crypto custody trials in 2025, as recently reported by CNF, its presence in Asia strengthens with a major payment license from Singapore’s financial regulator. Ripple has taken a strategic step forward in the digital asset space by enhancing its custody services with new, bank-grade features.
Recently unveiled, these updates aim to serve fintech companies and crypto-native businesses with a secure and compliant platform. Ripple’s custody technology integrates with the XRP Ledger (XRPL), enabling the tokenization of real-world assets and facilitating low-fee trading on XRPL’s decentralized exchange (DEX).
Team Ripple highlighted in a recent press release, stating:
“Custody is a key entry point into the digital asset economy, and it’s only growing. The amount of crypto assets custodied is expected to reach at least $16T by 2030, and moreover, 10% of the world’s GDP is expected to be tokenized by 2030. As such, companies need secure, compliant, and flexible options to store their crypto.”
Additionally, Ripple introduced hardware security module (HSM) options and pre-configured policy frameworks to meet the growing demands of the digital asset economy.
This expansion aligns with the increased integration of blockchain in traditional finance, following a major announcement by Swift, which has sparked discussions around the inclusion of digital assets in global payments. Although Swift did not mention XRP directly, Ripple’s recent developments position it to benefit from this broader trend.
Growing Market Adoption and Regulatory Compliance
Ripple’s custody service has already gained significant traction, reporting a 250% increase in new customers year-over-year. The platform now serves leading financial institutions and crypto businesses across major markets, including the U.S., U.K., and Singapore.
Aaron Slettehaugh, SVP of Product at Ripple, emphasized the platform’s security and compliance standards, stating in the announcement,
“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on.”
To further strengthen regulatory compliance, Ripple has partnered with Elliptic to offer transaction screening services, enabling real-time monitoring and risk assessment.
Monica Long, Ripple’s CEO, emphasized the company’s enterprise-grade capabilities, highlighting partnerships with major banks like DBS, SocGen-FORGE, and BBVA. As the global custody market is expected to reach $16 trillion by 2030, Ripple’s enhanced offerings are poised to provide the secure and flexible solutions required for the rapidly expanding tokenized economy.
@ Newshounds News™
Source: Crypto News Flash
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CENTRAL BANK OF BRAZIL INVITES APPLICATIONS FOR CBDC PILOT
The Central Bank of Brazil invites applications for its CBDC pilot, Drex, aiming to enhance the financial system through tokenization and exploring complex use cases from October 14 to November 29.
The Central Bank of Brazil opened applications on October 14 for companies to participate in the second phase of its digital currency (CBDC) pilot, Drex.
From October 14 to November 29, firms can submit proposals to contribute to the project to enhance Brazil’s financial system through tokenization.
Brazil Central Bank announced that the next phase will expand beyond the initial consortiums, as 13 complex use cases have already been approved. The new phase introduces more complex use cases, such as loans backed by custodial assets, carbon credits, agribusiness bonds, and foreign trade transactions.
Is Tokenization the Future of Finance? Brazil’s Bold Move Amidst Global CBDC Trends
According to a Valor report, this expansion follows the initial phase, during which 16 consortiums, most of them bank-led, tested the registration of the Brazilian real in a decentralized digital network. The project also explored tokenized federal government bonds.
The Central Bank has expressed interest in adding more participants and exploring advanced technology applications. Applicants will also continue testing privacy solutions, as previous efforts have yet to resolve the challenge of securely hiding transactions between participants on a scalable level.
In the previous phase, no company—among Zether, Starlight, Rayls, and ZKP Nova—resolved the issue of scalable transaction privacy.
At a recent event in Rio de Janeiro, João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM), emphasized that tokenization is a permanent business model and that the crypto industry must operate in a “regulatory-complniat” manner.
He believes integrating blockchain into traditional financial assets can improve the distribution of investment products.
However, experts cautioned that blockchain technology is not a one-size-fits-all solution. George Marcel Smetana from Bradesco questioned whether disintermediation in blockchain actually results in tangible benefits.
Similarly, Jochen Mielke de Lima, CEO of B3 Digitas, also shared a similar sentiment and stressed the importance of governance in distributed systems.
He warned that removing central depositories could pose risks, particularly in managing liens and asset ownership.
Brazil Accelerates CBDC Development and Open Finance Initiative
Brazil is pushing forward with its Central Bank Digital Currency (CBDC) initiative, Drex, while also accelerating tokenization through an Open Finance platform.
As part of a global trend, Brazil is among 65 countries in the advanced stages of CBDC development. China’s digital renminbi (e-CNY) has already recorded 180 million personal wallets and over 7.3 trillion Yuan ($1.02 trillion) in transactions as of October 11.
In addition to its CBDC efforts, Brazil is set to enhance its nationwide tokenization initiatives through an Open Finance platform. The central bank envisions this platform as a marketplace that offers users various banking and payment options, including CBDCs.
According to the central bank’s vision, the marketplace will promote “competition by channel and for principality” and greatly foster innovation in the financial sector.
Amid these government initiatives, private crypto firms are also working to expand digital asset payment options for Brazilians.
Notably, on October 3, Ripple announced a partnership with Mercado Bitcoin, a leading Brazilian cryptocurrency exchange.
This collaboration seeks to launch cross-border crypto payments, enabling businesses in Brazil to execute “faster, cheaper, more efficient” transactions globally.
Ripple stated that the new payment tool will allow for payment settlements in just minutes, providing a 24/7 solution for cross-border transactions.
@ Newshounds News™
Source: Crypto News
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TETHER LOOKING TO DIVERSIFY INTO COMMODITIES TRADING, OTHER TRADFI VENTURES
After reporting a record-breaking profit of $5.2 billion in the first half, Tether explores inefficiencies in credit for the commodity market.
Tether Holdings, the issuer of the USDT stablecoin, is looking to expand beyond the crypto industry and explore new ventures in traditional finance (TradFi), including potentially lending to commodities trading firms, Bloomberg News reported on Oct. 14, citing CEO Paolo Ardoino.
People familiar with the matter told Bloomberg News that Tether is already in discussions focused on lending US dollars to commodity traders, a sector where access to credit is critical to sustaining the flow of multimillion-dollar shipments of oil, metals, and agricultural products.
Ardoino confirmed the rumors during an interview with Bloomberg but did not disclose further details about the plans or the amount the firm intends to invest in them. However, he clarified that these explorations will remain distinct from the firm’s core stablecoin business
While major players like Trafigura Group enjoy extensive access to credit lines — reportedly $77 billion from 150 institutions — smaller traders often struggle to secure funding. Tether’s alternative approach could prove attractive, as its loans are not subject to the regulatory conditions traditional lenders face, potentially speeding up transactions.
According to the sources, the company is looking at ways to expand USDT’s use in mainstream commodity trades globally, leveraging the liquidity and stability it offers, the report said.
Exploring new fronts
Tether reported $5.2 billion in profits for the first half of 2024, most of it related to the firm’s investments in traditional assets, such as US Treasuries, totaling $97.6 billion. The firm’s exposure to US Treasuries surpasses major nation-states, including Germany, the UAE, and Australia.
The firm has seen remarkable growth and maintains a dominant position in the stablecoin sector, with USDT approaching a $120 billion market capitalization, which will be a new all-time high for the stablecoin.
The recent foray is the latest in Tether’s efforts to channel its significant growth into new ventures.
Tether has been working on expanding to new sectors for several months now, starting with an expanded focus on artificial intelligence (AI) announced in March.
A month later, in April, Tether created four new business divisions focused on data, finance, power, and education. Following that, the firm made its first investment in neuroscience less than two weeks later by acquiring a stake in the brain-computer-interface company Blackrock Neurotech.
@ Newshounds News™
Source: CryptoSlate
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