Home – CryptoCurrency News – XRP Holders Disappointed as Western Union Makes Unexpected Move
TL;DR
Western Union, one of the world’s most established payment companies, has taken a significant step in adapting to the digital age by announcing the launch of a new stablecoin. However, the decision has disappointed XRP investors, as the company opted for the Solana (SOL) network to issue its “US Dollar Payment Token (USDPT).”
The news generated frustration within the XRP community, especially since Western Union has been experimenting with Ripple’s payment technology since 2015. The company had explored Ripple’s blockchain solution to enable faster and cheaper cross-border payments, and even conducted several pilots with XRP in 2018.
The expectation of eventual formal integration was thwarted. The fact that Western Union chose Solana for its stablecoin was interpreted by many users as a setback for Ripple and a potential threat to the XRPL ecosystem.
Despite the community’s negative reaction, industry experts have nuanced the news’s impact. Hugo Philion, CEO of Flare, intervened to calm concerns, emphasizing that Western Union’s agreement with Solana does not have a negative strategic impact on the Ripple (XRP) or XRP Ledger (XRPL) ecosystem.
According to Philion, the decision does not pose a threat because Ripple has reoriented its focus towards considerably more lucrative sectors, such as trading and asset management, with a broader market perspective. In contrast, Western Union’s focus remains almost exclusively on consumer-to-consumer payments.
“Western Union’s Solana deal has nothing to do with XRPL or Ripple,” declared the Flare CEO. Philion added that his own platform, Flare, complements the successes of Ripple and XRPL by expanding XRP’s use cases and making it “highly programmable,” thereby strengthening the verticals in which Ripple has already gained ground.
RELATED POSTS
Bitwise CIO Highlights Promising Dual Path for Solana in Stablecoins and Tokenization
TL;DR: Solana benefits from growth in stablecoin and tokenization markets. Western Union and strong tech adoption boost Solana’s institutional credibility. Bitwise launches BSOL, the first
Uphold’s Positive Move Brings XRP Rewards Debit Card Back to the US Market
TL;DR Uphold reintroduces its U.S. debit card, offering users the ability to earn XRP rewards of up to 6% on everyday spending with dollars, cryptocurrencies,
XRP Ledger Shatters Records $364M RWA Surge Marks a Monumental Q3
TL;DR The XRP Ledger closed Q3 with a record 364.2 million dollars in tokenized real-world assets, driven by a 215% quarter-over-quarter expansion. Large issuers such
Fidelity Files Final Documents for the Proposed Spot Solana ETF
TL;DR Fidelity has submitted updated final documentation to the SEC for its planned Spot Solana ETF, including a full staking approach and temporary fee waiver
Bitwise CIO Hails Solana Staking ETFs as Milestone for Digital Asset Investing
TL;DR Bitwise launched its Solana Staking ETF (BSOL) on the New York Stock Exchange with $56 million in debut trading volume and a total issuance
Jupiter’s V2 Upgrade Brings Privacy-Protected Limit Orders to Solana Ecosystem
TL;DR Jupiter launched Limit Order V2 on Solana, a limit order system that brings enhanced transaction privacy. The update allows traders to set prices in
Ads
Follow us on Social Networks
Crypto Tutorials
Crypto Reviews
Crypto Economy Newsletter
I accept the conditions and receive your newsletters.
© Crypto Economy
Privacy Policy
Ethical Journalism Politic
Cookie Policy | Contest Rules | Partners | About us