Atlanta Fed Calls XRP an “International Payment Medium” in a Report

On May 26, the Federal Reserve Bank of Atlanta recently called attention to Ripple’s business model and how the company uses XRP to meet cross-border settlement needs in a report. According to the bank, XRP is considered “an international payment medium.” The report mainly highlights the promise of Web3 and the use of Crypto assets. Also highlighting the growing adoption of Web3 and blockchain technology by public institutions such as central banks, it drew attention to Project Mariana, a proof-of-concept launched by the Bank for International Settlements (BIS), Banque de France and other financial institutions. In emphasizing the goal of the Mariana project to promote more efficient cross-border settlements, the bank mentioned Ripple. It’s worth noting that this report doesn’t focus on Ripple or XRP in particular, but the broader Web3 scene. Additionally, the document does not explicitly state that the Atlanta Fed plans to use XRP for settlements. (The Crypto Basic)