The Japanese financial giant SBI Holding, a major player in crypto-integrated banking, has announced plans to extend Ripple's XRP adoption beyond Japan into Southeast Asian markets. This strategic move aligns with SBI's vision to revolutionize cross-border payments using blockchain technology.
Strategic Adoption of XRP via SBI Remit
Key insights from SBI Holding's official report reveal:
- SBI Remit, the bank's remittance platform, will integrate xRapid (now rebranded as ODL – On-Demand Liquidity), Ripple's solution that utilizes XRP for instant liquidity.
- This integration aims to enhance the liquidity index of XRP, which recently hit a milestone with 3 million XRP processed in a single month.
👉 Discover how ODL transforms cross-border payments
Why XRP?
- Ecosystem Utility: XRP serves as a bridge currency in RippleNet, providing real-time liquidity for ODL customers.
- Partnership Synergy: SBI Remit leverages MoneyGram's network, a Ripple partner since 2019, which already uses ODL for USD-to-MXN transfers via XRP.
Expanding XRP's Footprint in Asia
SBI Group's roadmap includes:
- Geographic Expansion: Targeting Southeast Asia for XRP-based remittances.
MoneyTap App: A Ripple-collaborated payment app using XRPL (XRP Ledger) for peer-to-peer transactions via phone numbers/QR codes. Currently supported by:
- SBI Sumishin Net Bank
- Suruga Bank
Regulatory and Market Developments
- Ripple's Washington Initiative: The company joined the Blockchain Association and established a DC office, signaling stronger regulatory engagement.
- Mass Adoption Potential: Increasing institutional use cases and regulatory clarity bolster XRP's position as a banking-sector crypto.
FAQs
Q1: How does ODL improve remittances?
A: ODL uses XRP to eliminate pre-funded accounts, reducing costs and settlement times to seconds.
Q2: Which countries will SBI target first?
A: While specifics are undisclosed, Southeast Asian markets with high remittance volumes (e.g., Philippines, Thailand) are likely priorities.
Q3: Is MoneyTap available globally?
A: Currently limited to Japan, with expansion plans tied to regulatory approvals.
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