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Fresh from its acquisition of crypto cutoday provider Metaco, Ripple is rolling out an end-to-end CBDC platform for central banks, governments, and financial institutions to issue their own digital currencies and stablecoins.
Developed to address multiple use cases including wholesale and retail CBDCs on a private ledger or issuing a stablecoin, the Ripple platform comprises ledger technology, issuer capabilities for minting, distribution, redemption and destruction of tokens, inter-institutional settlement and distribution functions, and end-user wallets.
Ripple is currently engaged in CBDC and stablecoin pilots with the Republic of Palau, the Central Bank of Montenegro and the Royal Monetary Authority of Bhutan.
The firm has also commenced a trial with Hong Kong Monetary Authority and Fubon Bank to showcase a real estate asset tokenisation and equity release project as part of the central bank’s inaugural e-HKD Pilot Programme.
“As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations,” says James Wallis, VP of central bank engagements & CBDCs. “The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”
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