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Seeds of Wisdom
SWIFT SET TO BEGIN LIVE BANK TRIALS OF DIGITAL ASSET TRANSACTIONS IN 2025
▪️Swift said banks will begin live trials of digital asset and currency transactions over its network next year.
▪️It marks the first time Swift will move beyond experimenting with blockchain transactions in testing environments to real-world settlement.
Starting next year, Swift said banks in North America, Europe and Asia will begin live trials of digital asset and currency transactions over its global messaging network, which services more than 11,500 financial institutions.
Swift has previously experimented with blockchain transactions in testing environments. However, next year’s trials will pilot an advanced version of its infrastructure capable of orchestrating real-world digital asset and currency transactions across networks for the first time, according to a statement by the firm on Thursday.
The live trials will leverage Swift’s existing global network and interlink various digital and traditional currency platforms, providing a single system for banks to transact across borders with digital and fiat currencies, the firm explained.
The trials are designed to demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection.
“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies,” the firm said.
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Moving from experimentation to reality
The announcement follows a series of recent experiments by Swift, working with web3 services firm Chainlink as an enterprise abstraction layer to connect its network to the Ethereum Sepolia test network.
The experiments demonstrated that Swift could provide one single point of access to multiple public and private blockchain networks, which could also support institutions creating tokenized assets and the development of central bank digital currencies — currently being explored by 134 countries.
“For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” Swift Chief Innovation Officer Tom Zschach said.
“With our vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications.”
A key aim of the trials is to address the rise of disconnected digital platforms that could hinder the widespread adoption of new forms of value, according to the firm. “While the scale is impressive, without interconnectivity between platforms, global adoption is set to remain fragmented,” Swift said.
“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today,” Zschach added.
@ Newshounds News™
Source: The Block
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RIPPLE’S CEO DROPS TRUTH BOMB ON SEC: WHY THIS LAWSUIT IS A TOTAL JOKE!
Ripple CEO Brad Garlinghouse did not mince words in a recent post about the SEC’s continued pursuit of its lawsuit against Ripple. Garlinghouse expressed deep frustration with the SEC, particularly its Chair Gary Gensler, stating that if the agency were rational, they would have dropped the case long ago. Instead of protecting investors, the SEC has damaged its credibility and reputation.
According to Garlinghouse, Ripple and the broader crypto industry have already secured victory on key issues, including XRP’s status as a non-security.
XRP’s Status is Clear, Despite SEC’s Appeal
Garlinghouse emphasized that XRP’s legal status as a non-security is now well established. Despite the SEC’s decision to appeal, Garlinghouse remains confident, calling the appeal misguided and infuriating.
He pointed out that when the SEC previously attempted an interlocutory appeal, it did not challenge XRP’s non-security status—an important legal milestone that Ripple intends to defend.
Stuart Alderoty Backs Garlinghouse’s Position
Ripple’s Chief Legal Officer Stuart Alderoty echoed Garlinghouse’s views, labeling the SEC’s decision to appeal as both disappointing and unsurprising. Alderoty described the lawsuit as an “embarrassment” for the SEC, emphasizing that the court had already rejected claims that Ripple acted recklessly.
There were no a---------s of fraud, nor were there any v-----s or financial losses in the case, which Alderoty believes further undermines the SEC’s rationale for continuing.
SEC’s Misguided Litigation Strategy
Alderoty also criticized the SEC for what he called “litigation warfare” against the crypto industry, accusing the agency of using the courts to stall progress rather than faithfully applying the law.
Ripple is currently evaluating whether to file a cross-appeal to further challenge the SEC’s position.
Alderoty vowed that Ripple is ready to fight once again in the appellate court, asserting that Ripple is leading the charge for the entire crypto industry.
In a striking coincidence, the SEC’s Enforcement Director, Gurbir Grewal, announced his resignation just an hour before the SEC’s decision to appeal. While Garlinghouse and Alderoty did not explicitly link the two events, the timing suggests potential internal shake-ups within the SEC, further fueling speculation about the agency’s long-term strategy.
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Ripple remains committed to defending XRP’s non-security status and pushing back against what they see as a misguided, and ultimately futile, attempt by the SEC to extend the lawsuit. Both Garlinghouse and Alderoty remain resolute that Ripple and the broader crypto industry will continue to prevail.
@ Newshounds News™
Source: Coinpedia
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AUDIO – Jim ask – So what are you? Animal vegetable or Mineral or Human? or people? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY
▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year
Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.
The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.
Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.
Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.
“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.
Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.
“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.
@ Newshounds News™
Source: Bloomberg
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RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION
▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.
▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.
By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.
Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.
Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.
The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.
For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.
Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.
By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.
Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.
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On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.
By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.
https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/
@ Newshounds News™
Source: Crypto News Flash
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Silver the People’s Metal | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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