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Cryptocurrency News Articles
XRP on Path to Global Reserve Status, Expert Reveals Key Insights
Sep 17, 2024 at 07:20 am
Since March, we have learned about the foundation for XRP's transition to a global reserve currency. As reported by CNF, experts predict XRP's crucial role in shaping the future of the global financial system.
Crypto expert Versan Aljarrah has shared his insights on XRP’s potential path to becoming a global reserve currency, highlighting key developments and institutions involved.
According to Aljarrah, who is the co-founder of Black Swan Capitalist, XRP is poised to play a central role in shaping the future of the global financial system. In a recent tweet, Aljarrah shared a video from financial commentator Gregory Mannarino, whose views echo Aljarrah's optimism for XRP's future.
And just like that, #XRP is on track to become the global reserve asset and #currency we’ve been talking about. The #IMF, #WorldBank, and central banks will leverage #XRP to tokenize, trade and settle all assets
Interesting how the article drops right after the #SEC’s apology pic.twitter.com/2LNlXdBpc9
— Black Swan Capitalist (@VersanAljarrah) September 14, 2024
In the video, Mannarino discusses the efforts of major financial institutions, including the International Monetary Fund (IMF), World Bank, and the Bank of International Settlements (BIS), to develop a fully tokenized, cross-border financial system. He explains that these organizations are working toward a system that tokenizes all financial assets, such as stocks, bonds, commodities, and currencies, and positions XRP as the central medium for trading and settling these tokenized assets.
XRP could become the center of a vast network for trading and settling tokenized assets, with virtually any asset being represented on a blockchain and traders using XRP to move funds between different exchanges or brokers. This would streamline the process of cross-border transactions and enable the efficient trade and settlement of a wide range of financial instruments.
According to Mannarino, the shift in asset management and global transactions will be massive as more financial assets are tokenized, enabling them to be tracked and traded seamlessly. XRP, which is already a key player in cross-border transactions, could see its role expand if major institutions adopt it for the tokenization of assets.
Ripple CTO David Schwartz has predicted that the XRP Ledger will host tokenized assets by 2025. Recent announcements, such as the introduction of Tokenized Treasury Bills (T-Bills) on the XRPL, seem to be moving in this direction.
As global institutions continue to explore tokenization and blockchain technology, the utility of XRP could expand beyond its current applications. This could position XRP as a key player in the trade and settlement of assets on a global scale, potentially transforming the future of finance.
At the time of writing, Ripple (XRP) is trading at $0.5826, having surged by 2.03% in the past day and 7.89% in the past week.
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