The native digital asset of the XRP Ledger, an open-source blockchain platform developed by Ripple Labs for facilitating fast, low-cost cross-border payments and currency exchanges. XRP transactions settle in approximately 3-5 seconds with minimal fees, making it one of the most efficient digital payment networks. Ripple has partnered with numerous financial institutions to use its On-Demand Liquidity (ODL) product, which leverages XRP as a bridge currency in international remittance corridors.
Example
“A payment provider used XRP as a bridge currency to convert Philippine pesos to Mexican pesos in three seconds, eliminating the need for pre-funded nostro accounts in the corridor.”