• Moneygram has partnered with Ripple's competitor Stellar to enable cash funding and payout in currencies like USD, JPY using USDC.
  • Ripple offers smart contract functionality while Stellar is a competitor that offers built in asset issuance, eliminating need for smart contracts.
  • XRP holders awaiting outcome of the SEC v. Ripple case can now represent their interests as "Amicus Curiae."

XRP holders rejoice after being called to represent their interests as "a friend of the court." Ripple has shifted its focus from transaction settlement to issuing and powering central bank digital currencies (CBDCs). 

Stellar challenges Ripple's dominance in CBDC

Stellar, an open-source, decentralized protocol, has emerged as payment giant Ripple's competitor with its keen interest in powering CBDCs. Stellar outlines how the blockchain industry has matured and central bank digital currencies have become relevant in its latest blog post. 

Stellar offers its blockchain network to design CBDC issuance. The blog post reads,

Stellar offers the interoperability and flexibility of a permissionless ledger while possessing built-in capabilities to ensure security, certainty, and control – as with a centralized or permissioned ledger. That combination makes it particularly well-suited for issuance of CBDCs.

Though Ripple is working with centralized institutions and monetary authorities in Asia, specifically in Bhutan, for CBDC issuance Stellar challenges it by taking the programmability and complexity out. 

Stellar offers asset authorization and transaction finality features, taking the complexity out of the process for banking authorities. Further, the blockchain currently hosts a variety of fiat-backed stablecoins, making the competition intense for Ripple

Another update favoring Stellar's progress in the CBDC ecosystem is its partnership with global money transfer service MoneyGram. 

Through this partnership, the money transfer giant aims to power cash funding and payout in several fiat currencies through USD Coin, a stablecoin issued by Circle. 

The progress in the Securities & Exchange Commission (SEC) v. Ripple case has offered relief to XRP holders and promoted a bullish outlook for the altcoin. Though the request of XRP holders to join the case as defendants was denied, they can now represent their interests as "Amicus Curiae," friends of the court. 

While Ripple is making strides bringing the court proceedings closer to a favorable outcome, the payment giant has the SEC buried in paperwork. 

Proponents in the industry have predicted that Ripple's win would positively impact XRP price and the overall crypto ecosystem. 

FXStreet analysts have evaluated XRP price and predicted that the altcoin would enter a new expansion phase, targeting $1.40. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis