Austin King, co-founder of Omni Network (OMNI), recently highlight the strategic alignment XRP has with the ISO 20022 messaging standard.
According to King, Ripple was the first crypto project to prioritize ISO 20022 compliance. He noted that this enabled XRP to process over $434 billion in transactions daily but provided no clarification on the basis for this bold figure.
Austin Kings comment on XRP
ISO 20022, XRP, and Ripple
Notably, ISO 20022 is a global messaging standard financial institutions use to enable interoperability across different systems. King highlighted that major financial institutions, including J.P. Morgan and Deutsche Bank, already use ISO 20022 to process cross-border payments and manage large-scale financial operations.
He further noted that Ripple’s early prioritization of this standard could give it a competitive edge in bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi).
Moreover, he claimed that while many crypto projects primarily focus on blockchain scalability and technical innovations, Ripple is positioning itself to integrate seamlessly with the traditional financial ecosystem and leverage the ISO 20022 standard.
Notably, experts have argued that Ripple’s involvement with ISO 20022 could lead to greater adoption of XRP in traditional financial systems. However, XRP itself is not directly compliant with ISO 20022.
About 72% of banks on SWIFT plan to migrate to ISO 20022 by 2025. Meanwhile, Ripple joined the ISO 20022 network in 2020, allowing its clients to connect with global financial institutions.
While some believe XRP could benefit from this integration, Ripple’s CTO clarified that XRP is not inherently linked to ISO 20022, as it is merely a cryptocurrency.
However, XRP could see increased use for cross-border payments due to Ripple’s ISO 20022 compliance, especially in ISO 20022-compliant institutions.
Ripple’s RLUSD Potentially Becoming the First ISO 20022-Compliant Stablecoin
Meanwhile, in his commentary, King revealed that Omni Network is actively developing a mechanism to integrate ISO 20022 compliance into Ripple’s new stablecoin, RLUSD.
According to King, if successful, RLUSD would become the first stablecoin to fully adhere to the standard.
Notably, Omni Network has already expanded RLUSD to about $38 billion in DeFi liquidity on devnet. King disclosed plans to enhance its appeal to major financial players.
XRPL Becoming Platform to Tokenize Trillions
Meanwhile, the partnership between Omni Network and Ripple goes beyond stablecoin compliance. King noted that Ripple is in a perfect position to lead the trillion-dollar tokenization of traditional financial assets.
To lead this initiative, he highlighted ongoing efforts to create deeper integration between OMNI and the XRP Ledger. According to him, with Omni’s interoperability, the XRPL could become the central platform banks use to tokenize and manage real-world assets.
He emphasized that through this initiative, Ripple and Omni aim to position XRP at the core of the on-chain economy.
