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SWISS BANK UBS TESTS BLOCKCHAIN FOR CROSS-BORDER PAYMENTS WITH DIGITAL CASH

UBS has successfully piloted its blockchain-based payment system to enhance the efficiency of cross-border transactions.

Multinational investment giant UBS has completed a pilot of its blockchain-based payment system dubbed “UBS Digital Cash,” aimed at improving the efficiency of cross-border transactions.

In a Nov. 7 press release, the Zurich-headquartered bank said the trial, which involved multinational clients and banks, included both domestic payments within Switzerland and cross-border transactions in U.S. dollars, Swiss francs, euros, and Chinese yuan.

The system uses a private blockchain network called “UBD Digital Cash,” accessible only to permissioned clients, with transactions settled through smart contracts that automatically execute once predefined conditions are met.

“Blockchain-based payment solutions for cross-border payments are a strategic focus for UBS.”  ~  Andy Kollegger, head of UBS Institutional & Multinational Banking

Commenting on the milestone, Xiaonan Zou, UBS head digital assets says the bank considers the interoperability between UBS Digital Cash and other digital cash initiatives as “key for the financial industry.” 

The latest initiative complements UBS’s involvement in a wide range of market initiatives, the bank says, referring to the Swiss National Bank-led project Helvetia for real wholesale Swiss franc Central Bank Digital Currency, as well as the Agorá project, led by the Bank for International Settlements.

The pilot comes shortly after UBS launched its first tokenized investment fund on Ethereum, the UBS USD Money Market Investment Fund Token, targeted at authorized distribution partners in Singapore.

@ Newshounds News™

Source:  Crypto News

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XRP NEWS TODAY: RIPPLE PLANS DIRHAM-BACKED STABLECOIN LAUNCH IN UAE

▪️Ripple’s Dirham-Backed Stablecoin: Ripple plans a UAE launch, benefiting from clear regulations.

▪️RLUSD Speculation: Ripple’s potential US dollar-backed stablecoin stirs interest.

▪️XRP Price Stability: XRP remains steady amid stablecoin developments.

Ripple is generating buzz about a possible Dirham-backed stablecoin launch in the UAE, coinciding with discussions around its upcoming RLUSD. The firm recently praised the UAE’s progressive digital asset regulatory framework, which encourages blockchain innovation and stablecoin integration.

Ripple has maintained a strong presence in the Middle East, with notable partnerships such as the National Bank of Abu Dhabi’s adoption of its payment solutions. 

With the UAE’s regulatory clarity, a Dirham-backed stablecoin would align with Ripple’s goal to support secure and efficient digital transactions.

By tapping the UAE market for its stablecoin Ripple is surely making a big affair in the crypto business.  

Clear Regulations Fuel UAE’s Blockchain Ambitions
The UAE Central Bank has introduced a solid regulatory framework that supports stablecoin use in virtual asset transactions, including Dirham-backed coins.

Ripple has pointed out that this clarity positions the UAE as a leader in digital finance, creating an environment conducive to stablecoin adoption. For businesses in the UAE, a Dirham-backed stablecoin could provide a faster, more cost-effective solution for cross-border payments, making it an attractive option for financial institutions.

RLUSD and US Dollar Speculation: What’s Next for Ripple?
In the U.S., attention is now on Ripple’s potential release of the US dollar-backed stablecoin, RLUSD. Speculation is growing, especially with the possibility of Donald Trump winning the 2024 presidential election. A Trump presidency could bring clearer regulations, potentially accelerating the launch of RLUSD.

Recently, Ripple moved 294,000 RLUSD tokens, fueling curiosity about the timing of the release. CEO Brad Garlinghouse and industry experts are optimistic about RLUSD, seeing it as a key driver for cross-border payments and digital banking.

@ Newshounds News™

Read more:  CoinPedia

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🌱THIS IS HUGE! BIG NEWS IN THE FOOD WORLD AND FOR HOMESTEADERS THAT GROW FOOD!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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🌱WHAT DO THE NEW CHANGES MEAN? DID YA CATCH THE INTEL? EXCITING GOOD FACTS.  |  Youtube

Did you miss the Live Constitution call last night with Mason and Jim?  Here is the Replay with many questions and comments from our members.  Listen and share.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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