Contents
Vladislav Sopov
U.S. fintech heavyweight Ripple strengthens its dominance as leader of global CBDC efforts; it started out promising
Yet again Ripple is going to demonstrate opportunities of tokenization for central bank digital currencies (CBDCs), on-chain synthetics in real estate and decentralized lending/borrowing protocols.
Ripple teams up with Fubon Bank for e-HKD pilot program
According to the official announcement shared by Emi Yoshikawa, head of Web3 and crypto at Ripple, the company has entered into a long-term technical collaboration with Fubon Bank, a Taiwan-based fintech major.
Ripple and Fubon Bank to Showcase Real Estate Asset Tokenization Use Case as part of the Hong Kong Monetary Authority’s Inaugural e-HKD Pilot Programme https://t.co/HTgZQ4RZkX
— Emi Yoshikawa (@emy_wng) May 22, 2023
This integration is part of Hong Kong Monetary Authority’s (HKMA) inaugural e-HKD pilot program, an experiment with the development and adoption of the blockchain-based version of the Hong Kong Dollar.
Namely, the two firms will work together on real estate asset tokenization and equity release with instruments based on the prototype of the Digital HKD.
Ripple is excited about the use cases of e-HKD and the role of XRP Ledger in its progress:
With real world asset tokenization predicted to be a multi-trillion-dollar industry by 2030, tokenizing commodities such as real estate is gaining traction within the financial services and government sectors as a core use case. Ripple’s innovative use case combining the e-HKD, tokenized real estate, and lending protocols will run on a private and secure ledger, built with the same technology as the XRP Ledger (XRPL).
Ripple and Fubon Bank will co-develop various pilots, together with other industry players.
Ripple’s CDBD track in spotlight: Releases, awards and collaborations
James Wallis, Ripple’s vice president of central bank engagement and CBDCs, claims that development in the Asia-Pacific region remains the core focus for CBDC’s workload of his company:
The Asia Pacific region has many forward-looking regulators such as the HKMA, who are looking to leverage the capabilities of blockchain technology. It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme. We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong, and are confident that our fully integrated solution will be an industry-first use case demonstrating the power of leveraging a CBDC for real estate equity asset release.
As covered by U.Today previously, Ripple is among the most active blockchain companies in the sphere of CBDCs, its tech development, marketing and massive adoption.
Earlier this month, the company scored two major awards for its CBDC program.
Also, it released a one-stop platform for government-backed stablecoins that is already accessible in four countries.