Ripple has announced an important development concerning users in South America.
The firm is expanding its partnership with Bitso to bring MXNB, Bitso’s Mexican peso-backed stablecoin, to the XRP Ledger for enterprise settlement.
As part of the collaboration, MXNB will be integrated into Ripple’s Payments on Decentralized Exchange infrastructure. The asset will work together with RLUSD – the firm’s dollar-backed stablecoin- and will support cross-border liquidity between the US dollar and the Mexican peso.
It also builds on Ripple and Bitso’s long-running payments relationship in Latin America, as Bitso now serves over 10 million users.
Stablecoin Liquidity Takes Center Stage
The main purpose of the collaboration is to make enterprise payments between the US and Mexico more efficient. MXNB is designed to give institutions peso-denominated liquidity on-chain, while RLUSD will provide the dollar side of the settlement.
Commenting on the matter was Silvio Pegado, Ripple’s Managing Director of Latam, who said:
“Ripple and Bitso have spent years building payment infrastructure that operates at real-world scale across Latin America. […] By bringing together RLUSD and MXNB on the XRPL Permissioned DEX, we’re helping create regulated, onchain liquidity infrastructure purpose-built for enterprise cross-border payments. This is the next evolution of how value moves between dollars and pesos.”
The development also provides RLUSD with additional real-world payment context. As CryptoPotato reported, Mastercard recently expanded its stablecoin strategy to include assets such as RLUSD, USDC, USDG, PYUSD, USDP, and more across networks including Ripple’s XRPL, Ethereum, Solana, Base, etc.
That broader push shows that stablecoins are being positioned for settlement and payment infrastructure more so than just crypto trading.
By the way, this is a point we discussed at length in our recent interview with BitGo’s COO. You can find it here.
XRPL Upgrade Gives More Ecosystem Context
It’s also worth noting that the announcement comes right as the XRPL Ledger approaches a notable technical upgrade – version 3.2.0.
It’s expected to reduce node memory usage by around 40%, improve network efficiency, and rebrand the core server software to “xrpld.”
The next thing to watch would be if more enterprises start using MXNB and RLUSD for live settlement flows across the US and Mexico.
The post Important Ripple (XRP) Announcement, June 11 appeared first on CryptoPotato.
Ripple and Bitso are expanding their partnership, adding more context to RLUSD and the XRPL. Crypto Bits, Crypto News, Ripple
This articles is written by : Nermeen Nabil Khear Abdelmalak
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