In the latest XRP news, Ripple is reportedly partnering with Stellar as both firms look to revolutionize the payments industry. This came as crypto pundit ProfRippl highlighted the link between both firms through the International Rescue Committee (IRC).
Ripple Reportedly Working With Stellar
In an X post, ProfRippl revealed that Ripple and Stellar are working together. This came as the crypto pundit highlighted the IRC’s links to both crypto firms, indicating that this was what led to the partnership between Ripple and Stellar. Notably, Ripple and IRC had partnered to explore using the crypto firm’s payment services for humanitarian donations.
Meanwhile, Stellar had once mentioned how IRC distributed cash assistance to Ukraine through its ‘aid assist’. ProfRippl then raised the possibility of other IRC’s partners adopting Ripple and Stellar’s payment services for cross-border transactions. IRC has partnered with organizations such as the Bloomberg Foundation, Google, and the Citi Foundation, among others.
Meanwhile, ProfRippl also tried to draw a connection between Ripple and former U.K. Prime Minister Tony Blair, who reportedly has close ties with IRC’s CEO David Miliband. Based on this, the crypto pundit suggested that Ripple’s technology could easily be adopted as countries move to integrate cryptocurrencies into their payment infrastructure.
Meanwhile, in another X post, the crypto pundit highlighted how Ripple and Stellar complement each other rather than being direct competitors. ProfRippl noted that Ripple’s XRP Ledger ensures high-assurance cross-ledger settlement while Stellar enables multi-currency routing and inclusive tokenization.
ProfRipple further referenced articles that described Ripple and Stellar as layered architectures that serve different but complementary functions. It is worth noting that Stellar’s Jed McCaleb was one of those who created the XRP Ledger alongside Ripple’s CTO David Schwartz and Arthur Britto.
Like Ripple, Stellar also provides cross-border payment services using its native token XLM. Meanwhile, Ripple uses XRP to power its payment services, with the altcoin serving as a bridge currency between the sender and receiver.
Fed’s Waller Provides Major Boost For Ripple
In another recent development, Federal Reserve Governor Chris Waller provided a major boost for Ripple, stating that the Fed staff were exploring a ‘payment account’ to support payments innovation. The payment account will give stablecoin issuers like Ripple access to the Fed’s payment rails, making their operations more efficient.
Notably, Ripple has already filed for a Fed master account, though there is no timeline for approval. However, Waller revealed that the payment account will have a streamlined review timeline, meaning Ripple may not need to wait for approval of the Fed master account before accessing the Fed’s payment rails. This comes as the crypto firm continues to expand its services, including its relationship partnership with South Africa’s Absa to provide digital asset custody services.
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