The Federal Reserve Bank Atlanta recently released a report titled “An Introduction to Web3 with Implications for Financial Services”. The report referred to XRP as an “international payment medium”, highlighting the importance of Ripple’s business model utilizing XRPL to meet cross-border settlement needs at a low cost.

XRP’s Cross-Border Settlement Facilitation

XRP Ledger operates as an efficient payment medium for cross-border transactions, enabling them at a meager cost of $0.0002 within 3-5 seconds, and processing 1500 transactions every second. Its green attributes stem from its carbon-neutral and energy-efficient operations.

The report also mentioned XRP and Stellar blockchains’ relevance in value transfers, highlighting their cost-effectiveness, just like the proof of concept from Project Mariana.

XRPL Relevance Mentioned in the Report

The report doesn’t claim that the bank will adopt XRP for settlements, but its proponents believe mentioning it shows that public institutions notice its business model. Twitter users have expressed their enthusiasm about XRP’s recognition as an international payment medium in the report.

Despite Ripple’s ongoing lawsuit with the US SEC, the company has continued to remain relevant by partnering with the Montenegro Central Bank to pilot its CBDC and launching a CBDC platform for governments and financial institutions.

Ripple has also expanded its offerings by acquiring a Swiss crypto custody services firm Metaco and Panterra’s stake in Bitstamp.