Ripple’s XRP digital asset is quickly becoming a preferred option for cross-border payments and settlements in Mexico. According to a recent document published on the official website of Mexico’s central bank, Banco de México, the XRP Ledger will be used as a bridge between the US dollar and Mexican peso.
This marks a major milestone for XRP adoption in Mexico’s financial system. Ripple has been aggressively promoting the scalability, speed and low cost of XRP to financial institutions across the world. With Mexico coming onboard, XRP continues to spread its use cases beyond just cross-border transactions.
$XRP @Ripple and MEXICO 🇲🇽
— EDO FARINA 🅧 XRP (@edward_farina) October 8, 2023
CENTRAL BANK of MEXICO 🏦 official website features a document with the $XRP Ledger as bridge mechanism between #USD and #MXN. pic.twitter.com/hQFpYaMxKq
According to reports, over 8 countries have already adopted the XRP Ledger as a platform to build central bank digital currencies (CBDCs), with 20 more countries engaged in discussions. Major countries that will likely utilize XRP Ledger include Russia, Japan, UAE, New Zealand and Hong Kong.
Ripple has publicly announced partnerships with 5 central banks to explore XRP-based settlement, while 5 other partnerships are undisclosed. The company has been in talks with over 30 countries to implement its XRPL-powered CBDC platform.
With its fast transaction speeds, low fees and proven real-world utility, XRP is cementing itself as the preferred digital asset for global financial settlements. As more countries recognize these benefits, XRP is poised to expand its use cases even further.
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