The Digital Euro Association (DEA), an independent advocacy group for digital money, has spotlighted Ripple’s recent alliance with Mastercard.
In a recent tweet, DEA particularly expressed excitement seeing its member firms as pioneer partners for Mastercard’s CBDC program. The DEA associates include Ripple and Fluency. The pro-central bank digital currency association remarked on X:
“Excited to announce DEA Members Fluency Ripple as pioneers in Mastercard’s CBDC Partner Program to enhance CBDC awareness & safe implementation.”
?Excited to announce DEA Members @fluencycbdc & @Ripple as pioneers in @Mastercard's CBDC Partner Program, to enhance #CBDC awareness & safe implementation. ?https://t.co/TUBRmmuaGy
— Digital Euro Association (@DigiEuro) August 24, 2023
Notably, the DEA’s acknowledgment of Ripple’s involvement in the Mastercard’s CBDC program got the attention of the XRP community. Many found it a welcoming development. Considering the scale of Ripple’s recent alliances in the financial industry, an XRP enthusiast based in Spain remarked:
“I am excited about XRP future.”
Mastercard CBDC Program
In a recent announcement, Mastercard highlighted that banking regulators’ efforts regarding CBDCs have not garnered significant public interest, unlike cryptocurrencies. Nonetheless, the prominent payment facilitator noted that the drive behind CBDCs is picking up pace.
Specifically, it cited that 93% of central banks are involved in various stages of CBDC development. Among them, four retail CBDCs have become operational.
Meanwhile, Mastercard’s global regulatory advocator, Jesse McWaters, argued the existence of numerous inquiries central banks must consider for proper implementation. The matters encompass the private sector’s involvement in issuing CBDCs and concerns about security and privacy.
To this end, Mastercard launched a CBDC Partner Program, inviting prominent firms in the crypto space. The aim is to enhance comprehension regarding the advantages and constraints of CBDCs. It also seeks to devise a secure, smooth, and practical implementation strategy.
Ripple in Mastercard CBDC Partner Program
Notably, Mastercard mentioned Ripple, Giesecke+Devrient, Fluency, Consensys, Consult Hyperion, Fireblocks, and Idemia among the inaugural partners. It also highlighted Ripple’s efforts in building a government-backed national stablecoin with the Republic of Palau.
It is worth mentioning that Ripple CBDC efforts extend to Hong Kong, Montenegro, Bhutan, and Colombia.