Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

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RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

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🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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