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In its recent Cross-Border Payments Guide, Ripple blockchain behemoth revealed how its products – XRP and RLUSD – powering the Ripple Payments network can improve the cross-border payments system in the near future. This market is predicted to reach $50 trillion in volume within the next decade.
Payments keep economic engine running
Ripple’s press release reminded the community that the sphere of cross-border payments is one of the key pillars that support the global economy and allow it to develop and expand. In 2024, the document says, the payments market reached an impressive volume of $31.6 trillion.
The industry of payments continues to evolve along with the changing needs, demands and expectations of businesses, financial institutions and retailers around the world. Once crypto emerged, the sphere of transnational payments took a new turn, enriched with various blockchain solutions.
Traditional engines that run cross-border payments include many intermediaries, such as banks, payment platforms or fintechs. They require currency conversion, regulatory checks and approvals. SWIFT is the most widely known and acknowledged system of traditional payments across borders, and it requires vostro (in a domestic bank) and nostro accounts (in a foreign bank). Crypto payment provides, including Ripple, have revolutionized the payments industry, simplifying the process and making it faster and cheaper.
Ripple throws XRP and RLUSD on payments table
Ripple Payments intends to make a great change in the global cross-border payments industry by using XRP and introducing the RLUSD stablecoin recently. Ripple removes all intermediaries from the payments process and eliminates the vostro-nostro system, setting payments on brand new rails of blockchain.
Thanks to XRP and RLUSD, businesses get a powerful new solution, which Ripple promotes as quick, reliable, affordable and also totally transparent – users can track down the status of their payment at any time. RLUSD was launched in December since Ripple intends to have a bite from the vast and fast-evolving markets of payments and stablecoins.
Once RLUSD was launched, it quickly scored listings with major exchanges. Over the past 24 hours, at least two new platforms have added this product – the lending app Euler Labs and Bitget crypto exchange.
Vladislav Sopov
U.Today Editorial Team