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Ripple is piloting a private version of its public, open-source XRP Ledger for central bank-backed digital currency issuance.
Ripple claims that its CBDC Private Ledger will be capable of handling tens of thousands of transactions per second (TPS) initially, with the potential to scale to hundreds of thousands TPSs over time.
The firm is also touting the use of its inhouse cryptocurrency XRP as a neutral bridge asset for frictionless value movement between CBDCs and other currencies. This is something of a bold claim for Ripple, which is currently being sued by the Securities and Exchange Commission over alleged securities violations relating to sales of XRP.
“We believe this solution will overcome the major challenges around creating and managing a sovereign digital currency,” the firm maintains. “And we’re just getting started. We are also working on a fresh approach where central banks will be able to join a network of CBDC Ledgers that enables full settlement interoperability, while allowing each member to retain their monetary and technological independence.”
Billing the latter initiative as a ‘game changer, Ripple says it will release more details on how it might work in practice in the near future.
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