In a recent regulatory update, the agency mentioned Ripple and XRP for cross-border settlement.
The US Office of Financial Consumer Protection (BFPA) has recognized the role of Ripple and XRP .
According to a report from May 11, BFZP is investigating new trends in the translation market. Among them was the ‘continued growth and growing partnerships’ of digital asset companies such as Ripple.
BFPA also emphasized that XRP could also be used to settle cross-border remittances, adding that the company’s product range could allow banks and credit unions to know the exact amount that transfer recipients will receive before being transferred. sent’.
SWIFT’s GPI platform, which aims to take advantage of existing infrastructure used by hundreds of banks around the world to speed up transfers, was also mentioned in the report.
However, the bureau seems skeptical about adopting XRP in the near future. The agency concluded that confidence in existing banking systems is unlikely to be eliminated by newer solutions in the near future based on feedback from major players.