Report Says 50% of Ripple ODL Transactions Use XRP

A report has disclosed the proportion of XRP utilized in Ripple payment (formerly ODL) transactions conducted via RippleNet, the company’s network of financial institutions for cross-border payments.

According to a publication by SCBX subsidiary SCB 10X, approximately half of RippleNet’s transaction volume is executed using XRP as a bridge asset.

This disclosure came following an interview with Ripple CEO Brad Garlinghouse and Mukaya Panich, CEO of SCB 10X, in a summit on DeFi and Web3.

Prominent XRP community figure WrathofKahneman (WOK) called attention to the report in a recent post on X.

#Ripple investor/partner SCB interview w/ @bgarlinghouse in August notes that ~50% of Ripple [Payments} tx's use #XRP via ODL. Further, "RippleNet is 1st service provider for org's that actually serve the purpose of usage while building credibility."https://t.co/kBJTzIeQnb pic.twitter.com/xjJvDEmYBs

— WrathofKahneman (@WKahneman) January 17, 2024

50% of RippleNet Transactions Use XRP

Specifically, the report stated that 50% of the transactions of RippleNet (now absorbed into Ripple Payments) flow through Ripple’s cross-border payment system that employs XRP to mediate between fiat currencies. 

This service allows users to seamlessly conduct transactions and make purchases efficiently for a fraction of the traditional cost.

Furthermore, during the interview, Ripple CEO highlighted that the XRP-based payment service was not confined to the United States. Instead, it is expanding its presence globally. 

Moreover, the report noted that RippleNet stands as the inaugural crypto service provider for organizations that actively fulfill their intended purpose. It focused on practical usage while also dedicated to building credibility within the industry.

RippleNet Now Ripple Payments

Significantly, the American payment giant recently revamped its RippleNet service, introducing it as the newly unveiled Ripple Payments. Ripple officially unveiled the new product at its Swell conference last December.

During the unveiling, the firm disclosed that RippleNet had harnessed the power of cryptocurrency to serve financial institutions with swifter, cost-effective, and dependable cross-border payments.

However, a notable trend emerged as the company detected an increasing interest among small and medium enterprises (SMEs). Specifically, SMEs, often having fewer resources and less crypto expertise, are now exploring blockchain solutions for various financial functions.

In response to this demand, Ripple has transformed RippleNet into Ripple Payments, streamlining it into a more user-friendly, plug-and-play cross-border payments solution for businesses globally. 

Ripple Payments, now a licensed end-to-end payments service, alleviates the complexities of crypto knowledge for SMEs. It provides them immediate “access to over 70 payout markets through a single connection.”