XRP News Today: Ripple’s XRP Achieves 90% Global Network Coverage

Ripple, the blockchain-based payment protocol, has achieved a significant milestone with its digital asset, XRP, now boasting 90% coverage of the world’s global networks. This development was highlighted in a recent post by crypto researcher SMQKE, who emphasized the extensive progress Ripple has made in terms of institutional adoption and regulatory alignment.

The adoption of XRP has been notably smooth from a regulatory standpoint, as Ripple has engaged in extensive discussions with regulators worldwide. A key example of this regulatory engagement is the Bank of England, which conducted a proof of concept using Ripple’s technology. The Bank of England is widely regarded as one of the most conservative and highly respected financial institutions globally, and its engagement with Ripple underscores the company’s credibility and compliance with regulatory expectations.

XRP’s design as a transactional currency from its inception places it in a favorable position when working with regulators and financial institutions. This foundational purpose eliminates many of the hurdles typically faced by other digital assets attempting to integrate with traditional financial systems. Ripple’s strategy for driving XRP adoption involves leveraging the banking institutions already associated with the company. These banks form the core framework for Ripple’s expanding network, enabling a strong and scalable foundation for cross-border transactions.

The banks Ripple is working with collectively offer approximately 90% coverage of the world’s global banking networks. This extensive coverage is seen as a key enabler for XRP adoption on a massive scale. Once these partner banks engage in multi-corridor transaction volumes, it naturally becomes easier for additional banks to join the network. This process not only simplifies XRP integration but also accelerates its use in international payments. Discussions with banks worldwide regarding XRP usage are active and productive, further supporting the narrative that XRP is not only technically capable but also institutionally acceptable for cross-border payment solutions.

A recent liquidity pilot conducted by Ripple in collaboration with a company called Qualex in the United States further demonstrated the efficiency of XRP-based transactions. This pilot involved making payments from the United States to Mexico, with U.S. dollars being converted into XRP, transferred via the blockchain to Mexico, and subsequently converted into Mexican pesos. The banks involved in the pilot requested Ripple to slow down the processing speed, as the payments were being delivered faster than the banks could handle. This outcome indicates that the efficiency of XRP-based transactions exceeds the operational processing capabilities of the traditional banking systems involved.

Ripple continues to engage with financial institutions to expand the adoption and functionality of its blockchain-based solutions. The company’s progress in achieving 90% global network coverage and its successful pilot demonstrations highlight its commitment to revolutionizing cross-border payments through innovative technology and strategic partnerships.