The prominent American tech company Ripple Labs has been making waves in the world of blockchain since May 2023, with its introduction of the Ripple CBDC Platform. In a remarkable development that marks the expansion of the central bank digital currencies (CBDCs), Ripple’s Indian partner joined the country’s Digital Rupee CBDC project.
Earlier this year, Ripple announced the launch of the Ripple CBDC Platform, a “frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.” As per a press release in May, the platform has been created on the same blockchain technology on which XRP Ledger (XRPL) is built and is intended to facilitate the customization of CBDC transactions and distribution.
Since the launch of the Ripple CBDC Platform, Ripple has been invested in expanding the CBDC project. In August, the payment giant Mastercard proclaimed its collaboration with Ripple Labs to understand and promote the opportunities of CBDCs. Adding to Ripple’s endeavor to enhance the global adoption of CBDCs, on August 30, Yes Bank, an Indian partner of Ripple, announced its interoperability with the Unified Payments Interface (UPI) by the Reserve Bank of India’s Digital Rupee CBDC project.
We are pleased to share that YES BANK has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.— YES BANK (@YESBANK) August 30, 2023
With this, users can simply scan any UPI enabled QR Code through the YES BANK Digital Rupee… pic.twitter.com/dXxrerptoC
Yes Bank executive Ajay Rajan stated that the platform’s venture to utilize the vast opportunities of CBDCs focuses on facilitating a “quantum leap in CBDC usage, driven by enhanced convenience and accessibility”. With the Ripple CBDC Platform, the Republic of Palau has launched a government-issued stablecoin, PSC, following which Surangel Whipps Jr, President of the Republic of Palau commented.
Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access.
Ripple Labs’s CBDC project is intended to enable central banks and governments to adopt and establish the higher possibilities of digitization. So far, the platform has partnered with countries and cities across the globe, including Colombia, Bhutan, Palau, Hong Kong, and Montenegro.