Mexico’s central bank uses XRP ledger to trade USD/MXN

Author: Felix Küster, Captainaltcoin; Compiler: Songxue, Golden Finance

Ripple’s XRP digital asset is quickly becoming the first choice for cross-border payment settlement in Mexico. According to a document recently published on the official website of the Bank of Mexico, the XRP Ledger will be used as a bridge between the U.S. dollar and the Mexican peso.

This marks an important milestone in the adoption of XRP in the Mexican financial system. Ripple has been actively promoting XRP’s scalability, speed and low cost to financial institutions around the world. With the addition of Mexico, XRP continues to expand its use cases beyond cross-border transactions.

According to reports, more than 8 countries have adopted XRP Ledger (ledger) as a platform for building central bank digital currency (CBDC), and 20 countries are participating in discussions. Major countries that may use XRP Ledger include Russia, Japan, United Arab Emirates, New Zealand, and Hong Kong.

Ripple has publicly announced partnerships with five central banks to explore XRP-based settlements, while the other five partnerships have not yet been disclosed. The company has been in talks with more than 30 countries to implement its XRPL-powered CBDC platform.

With its fast transaction speeds, low fees and proven real-world utility, XRP is solidifying itself as the digital asset of choice for global financial settlements. As more and more countries recognize these benefits, XRP is poised to further expand its use cases.