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.
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
“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.”
The Republic of Palau Stablecoin (PSC) aka “Kluk” is a prototype digitization of the US Dollar under development in partnership with @Ripple#Ripple using the blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are… pic.twitter.com/a2tPmDmcpl
— Jay Hunter Anson (@JHX_1138) July 18, 2023
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.
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.
