u.today
Ripple, a digital payments decacorn, emphasizes its bet on the stablecoin segment with the new partnership. Its officers will accelerate the progress of CBDC pegged to the Great British Pound.
Ripple Inc. to support the transition to stablecoins
According to the official statement by Ripple shared on its official website, it joins U.K.-based non-profit Digital Pound Foundation as a foundation member.
Ripple Joins the Digital Pound Foundation: Designing a Path for a CBDC-Forward Future
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) October 14, 2021
OCT 14, 2021 🇬🇧 #XRP #Ripple https://t.co/GWn41xIrVc
Susan Friedman, head of policy at Ripple, will represent the corporation at the Digital Pound Foundation. She stressed the importance of this partnership for the evolution of the global financial system:
We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation.The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.
Ripple adds that experiments with GBP-based CBDCs will help the United Kingdom to ensure its place in the global financial landscape of the Web3 era.
As covered by U.Today previously, Ripple's rival Stellar will utilize the second-largest stablecoin, USD Coin (USDC), in its cooperation with Moneygram.
Turning stablecoins carbon-neutral
The long-term partnership with the Digital Pound Foundation is set to reaffirm Ripple's focus on the stablecoin sphere. Recently, it entered into a partnership with Bhutan's central bank, the Royal Monetary Authority (RMA).
Ripple will provide technical, consulting and advisory support for Bhutan's CBDC workload.
As Bhutan is the first carbo-neutral nation-state in the world, Ripple's strategy of building an eco-friendly stablecoin is perfectly aligned with its vision and mission.