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Ripple and Archax mentioned Tokenization of Real World Assets recently, underscoring a possible big shift.
Key Notes
Ripple Labs resurfaced conversations around RWA tokenization recently.RLUSD stablecoin development is taking center stage, but Ripple has big plans for tokenization.It is yet to announce an active product with its tokenization partner Archax.James Wallis, the Vice President of Global Finance Institutions at Ripple Labs Inc, sat with Archax’s Graham Rodford during the Ripple Swell Conference in Miami to discuss tokenization. Their conversation centered around how this technology has provided more use cases for several digital assets.
Real World Assets Tokenization Technology Will Benefit All
Noteworthy, Wallis asked Rodford his thoughts on the Real World Assets (RWA) tokenization technology. In response, the Archax CEO and co-founder acknowledged that he is quite bullish about adopting the technology. He further cited the potential of every asset going on-chain, considering the rate of adoption of tokenization.
Rodford believes that the technology benefits every participant, from the issuer to the infrastructure and investor. Hence, many companies and projects are looking to align with the technology. Even the initial collaboration between Ripple and Archax hinged on the prospects of tokenizing real-world assets on the XRP Ledger (XRPL).
Markus Infanger, SVP at RippleX, noted that “Ripple is excited to see Archax’s vision of driving the adoption of blockchain and digital assets technology amongst financial institutions come to life while further underlining the credentials of the XRPL as one of the leading blockchains for RWA tokenization.”
The blockchain payments firm announced the partnership during the XRP Ledger APEX 2024, held between June 11 and 13 in Amsterdam. Ripple’s 2022 partnership with Metaco to offer digital asset custody services helped strengthen its relationship with Archax.
Although the Ripple community’s attention is currently fixed on the RLUSD stablecoin, the mention of tokenization at the Swell conference could serve as a pointer to an upcoming event. At the same time, it suggests that the company is equally working on other improvements and updates for the ecosystem.
Ripple Names Exchange Partners as RLUSD Launch Draws Close
As for RLUSD, the official launch is drawing closer by the day. It is still in the private beta testing phase on XRPL and the Ethereum mainnet. So far, quite a number of the stablecoins have gone into inactive wallets. In August, Ripple Labs began minting this stablecoin on the XRPL and Ethereum mainnet in small bits. With time, it moved on to larger chunks as it once recorded a mint of 10 million RLUSD.
Once this USD-backed stablecoin hits the market, it may disrupt the market where the top two players, USDT and USDC, control almost 90% of the value. Financial service provider PayPal Holdings Inc (NASDAQ: PYPL) launched PYUSD stablecoin a while ago but gained little traction. Brad Garlinghouse, Ripple CEO, does not see RLUSD facing such a challenge.
“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments,” Garlinghouse added.
Ripple intends to make the stablecoin accessible through exchanges like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
