XRP army is once again hyping Singapore’s BLOOM expansion as if it were a win for them.
First, let’s get the list straight. On October 23, MAS announced that the central banks of Malaysia and Thailand had joined as policymakers. New industry partners include Airwallex, Mastercard, Visa, Maybank, Nium, ShopeePay, the World Bank Group, and Ripple. There are seven or eight organizations around the table, but in the mouths of certain influencers, that somehow becomes “the central banks of three countries teaming up with Ripple.”
More importantly, what does BLOOM actually do? It develops cross-border settlement standards for regulated stablecoins and tokenized deposits. Put simply, central banks and banks are laying the groundwork for their own digital dollars and digital ringgit. The main players are licensed institutions like Maybank—not the XRP in your wallet. Ripple is there to sell infrastructure services; that’s a completely different matter from whether the coin’s price can take off.
I live in this region, and cross-border settlement really is painful, so this initiative is a good thing in itself. But using a compliance working group to shout out token price targets is as ridiculous as treating a free gift for opening a bank account like a stock dividend.
#XRP #Stablecoin
First, let’s get the list straight. On October 23, MAS announced that the central banks of Malaysia and Thailand had joined as policymakers. New industry partners include Airwallex, Mastercard, Visa, Maybank, Nium, ShopeePay, the World Bank Group, and Ripple. There are seven or eight organizations around the table, but in the mouths of certain influencers, that somehow becomes “the central banks of three countries teaming up with Ripple.”
More importantly, what does BLOOM actually do? It develops cross-border settlement standards for regulated stablecoins and tokenized deposits. Put simply, central banks and banks are laying the groundwork for their own digital dollars and digital ringgit. The main players are licensed institutions like Maybank—not the XRP in your wallet. Ripple is there to sell infrastructure services; that’s a completely different matter from whether the coin’s price can take off.
I live in this region, and cross-border settlement really is painful, so this initiative is a good thing in itself. But using a compliance working group to shout out token price targets is as ridiculous as treating a free gift for opening a bank account like a stock dividend.
#XRP #Stablecoin