Some activists of XRP Ledger and Ripple communities noticed that Ripple removed the section about on-demand liquidity (ODL), a RippleNet product for seamless and low-cost cross-border remittances. A Ripple Inc. officer sheds light on what has happened to ODL and who can continue using it.
Farewell to ODL? Ripple's VP Yoshikawa makes things clear
U.S. crypto decacorn Ripple decided to cease using the term ODL as it might be "difficult to understand at first glance for outsiders." As such, a decision was made to "consolidate" ODL services under the term "Ripple Payments." This statement was made by Ripple's Vice President Emi Yoshikawa yesterday, Sept. 15, 2023.
Yoshikawa addresses questions of Ripple community members who noticed that the firm deleted mentions of ODL from its official communication channels.
Despite such a surprising "rebranding," ODL mechanisms will work as usual, VP Yoshikawa added. She also opined that removing crypto-specific characteristics of services should be considered a "trend" now:
This is a trend in the transition from crypto-like jargon to more mainstream
As covered by U.Today previously, RippleNet's ODL is a cross-border payment solution that leverages the XRP cryptocurrency as a bridge asset. ODL "money corridors" are used by customers and institutions as a secure, fast and low-cost method of cross-border remittances.
Latin America and Asia Pacific are two regions crucial for Ripple's ODL strategy. In 2019-2021, ODL was also integrated into the services of MoneyGram, one of the largest global payment systems.
Ripple's partners accelerate expansion to new regions
A network of Ripple partners across the globe also use XRP-based ODL for their remittance channels. In 2023, more corridors were opened by SBI, Tranglo and other Ripple counterparties.
For some of the partners, using RippleNet's ODL marked the first step of their cryptocurrency journey. For instance, Ripple's long-term strategic partner Novatti Group publicly released its 1:1 fiat-backed stablecoin, AUDD. XRP Ledger was chosen as the technical basis for the new stablecoin project.
Australian Digital Dollar by Novatti Group is designed to offer a reliable on-chain stablecoin solution for the Australian market.
The XRP price is attempting to stay above the crucial level of $0.5 on major spot exchanges.