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Ripple XRP Ledger Adoption Spikes Internationally After Historic Win Against the SEC

2 mins
Updated by Bary Rahma
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In Brief

  • Ripple's XRP Ledger is enjoying more usage after scoring a major victory against the US Securities and Exchange Commission (SEC).
  • Hong Kong-based Fubon Bank says it will test its real estate tokenization program on the Ripple's CBDC platform during this quarter.
  • Ripple is looking to further extend the adoption of XRPL by partnering Catalyze Research to increase awareness in South Korea.
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Following its partial win against the United States Securities and Exchange Commission (SEC), Ripple has witnessed a surge in adoption.

Demand for Ripple’s Central Bank Digital Currency (CBDC) technology is growing outside the US, marking its influence in regions including Palau, Hong Kong, and South Korea.

Fubon Bank Explores Real Estate Tokenization

Hong Kong’s Fubon Bank is set to explore real estate tokenization using Ripple’s CBDC platform. The bank’s chief strategy officer and vice president, Xu Luosheng, revealed the news.

Slated for a third-quarter test, the program will see the conversion of Hong Kong dollars into digital test versions (eHKD) for issuing e-HKD loans to chosen customers. Furthermore, Ripple’s tech will facilitate the tokenization of property liens.

CBDC Adoption Worldwide. Source: Statista

Ross Edwards, the head of Ripple’s CBDC initiative, clarified that the trial would not involve real funds. Still, it will employ the same technology behind the XRP Ledger (XRPL) – albeit in a private format.

Palau Embraces Ripple XRP Ledger

Ripple’s CBDC endeavors do not stop at Fubon. Palau has embarked on a pilot program to issue a US dollar-pegged stablecoin (PSC) on Ripple XRP Ledger.

Jay Hunter Anson from Palau’s Ministry of Finance noted,

“The Republic of Palau Stablecoin (PSC), or ‘Kluk,’ is a prototype digitization of the US Dollar, developed in alliance with Ripple, utilizing the XRPL blockchain.”

Since its introduction, the PSC has been bustling with activity, with reports indicating transfers surpassing 24 billion PSC via Ripple XRP Ledger to the designated Trust. Anson commended Ripple’s platform for its intuitiveness and lack of demand for specialized skills.

Blockchain Adoption in South Korea

In addition to these collaborations, Ripple has joined forces with Seoul’s Catalyze Research. The goal is to bolster the presence of Ripple XRP Ledger in South Korea, aiming to harness the region’s robust trading appetite for XRP.

Ripple XRP Ledger: Altcoin Trading Volume vs Bitcoin in South Korea
Altcoin Trading Volume vs Bitcoin in South Korea. Source: Statista

Data highlights XRP’s standing as South Korea’s second most-traded crypto from January to May, trailing only Bitcoin and surpassing competitors like Ethereum, which recorded volumes under $10 billion.

Top crypto platforms in the US | March 2024

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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