Despite US Lawsuits, Ripple Expands XRP Utility Worldwide

A new report by Tokenicer shows that institutions are now deploying XRP on all seven continents. This puts to rest the debate on the robustness

Institutions are now deploying XRP on all seven continents, a development that highlights the growing interest in the digital asset.

This comes amid ongoing lawsuits in the United States, where regulators are yet to clarify the status of XRP. However, Ripple's partnerships have seen the technology being deployed in various regions outside the US, with South America and Europe being key areas.

In South America, for instance, the Bank of Colombia has tested its Central Bank Digital Currency (CBDC) on Ripple's platform as part of efforts to enhance modes of financial transactions.

In Brazil, Ripple is working with the National Federation of Associations of Central Bank Servers to improve payment systems and treasury management.

Over in Europe, Clear Junction has partnered with Ripple to facilitate cross-border payments from the European Union to the United Kingdom. Notably, Clear Junction operates under the supervision of the Financial Conduct Authority, making Ripple a compliant partner in this key market.

The Central Bank of Montenegro is also testing Ripple's CBDC platform, further solidifying Ripple's presence in Europe.

Asia and the Middle East have also seen significant attention from Ripple, with a long-term partnership with SBI Holdings being a major highlight.

This partnership opens up the use of XRP for cross-border remittances to the Philippines, Vietnam, and Indonesia, which are among the largest recipients of remittances globally.

Moreover, Ripple has secured a Major Payments Institution license from the Monetary Authority of Singapore, which will aid in scaling its services across the region.

In the Middle East, Dubai has been a focal point for Ripple's gains, with a partnership with the Dubai International Financial Centre paving the way for blockchain adoption in the United Arab Emirates.

Alliances with major banks in Egypt have also been forged to enable blockchain-based payments and experimentation with NFTs.

Africa is another key region for Ripple, with a focus on bolstering pan-African payment systems.

Its collaboration with Onafriq aims to enhance capabilities for remittances both within and off the continent, which is crucial in a region where a large proportion of the population remains unserved by traditional banking services.

In Oceania, Ripple has made notable strides in the Republic of Palau, which will serve as a testing ground for a stablecoin pegged to the US dollar on Ripple's CBDC platform.

Novatti, for its part, is launching a fiat-backed AUD stablecoin on the XRP Ledger, further strengthening Ripple's presence in Australia.

A study by Tokenicer indicates that worldwide interest in XRP has begun surging. This is in stark contrast to the minimal attention being paid to the cryptocurrency in the United States.

While Ripple's global expansion campaign—despite the US regulatory challenges—is indicative of XRP's potential to revolutionize cross-border transactions, the continuous adoption by institutions will drive up the demand for XRP, ultimately securing its place in the global financial system.

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