XRP Ledger undergoes significant enhancement for RLUSD and meme tokens, marking a notable development in the platform's capabilities.
The XRP Ledger (XRPL) is ready to unleash a game-changing update this month, introducing "XLS-85d: Token-Enabled Escrows". This update empowers users to secure a vast array of tokens, including stablecoins like RLUSD, asset tokens, and even memecoins in escrow. This transformation arrives with the release of rippled version 2.5.0.
Escrow signifies safekeeping of tokens until specified conditions are achieved. In the past, XRPL only accommodated XRP for escrow. With this upgrade, numerous monetary assets get a new lease of life.
XLS-85d also sees the integration of Multi-Purpose Tokens (MPTs), as per RippleX engineer Mayukha Vadari and XRPL validator Vet. MPTs, lighter, adaptable, and user-friendly, add sophistication to the XRPL ecosystem.
Another exciting feature on the horizon is XLS-56d batch transactions. This addition empowers users to bundle up to eight transactions into one. It also supports atomic swap, enabling two parties to exchange assets without trust obligations.
The XRPL, with its lightning-fast speed, robust security, and minimal transaction fees, is fast becoming a dominant player in the digital asset landscape. The World Economic Forum (WEF) recently praised its asset tokenization capacities as one of the best globally.
In its published report, WEF applauded a $1 billion tokenized fund developed by Aurum Equity Partners, built on the XRPL. XRPL's speed, security, and low transaction costs played a pivotal role in creating this digital token-based private equity and debt fund.
Earlier this year, Ripple partnered with Ondo Finance to debut a tokenized U.S. Treasury fund on the XRPL. Backed by BlackRock's BUIDL fund, this secure fund ensures on-chain access to government bonds.
Additionally, check out the news about Webus's $300M XRP Treasury plan filed with the US SEC.
Key Features:- Extended Support for Multiple Tokens: Escrow for tokens beyond XRP, including stablecoins, real-world assets, and meme coins.- Conditional Asset Transfers: Enabling secure token transfers contingent upon specific conditions.
Benefits:- Expanded Use Cases: welcomed DeFi applications, real-world asset tokenization, and cross-asset transactions.- Enhanced Ecosystem Utility: Encouraging more projects and users to develop on the XRPL, fostering greater adoption and interoperability.- Streamlined Development: Reduced complexity in implementing conditional payments and asset management for developers.
The XLS-85d upgrade marks a significant stride for the XRPL, transforming it into a more dynamic platform for tokenization, DeFi, and real-world asset integration.
Stablecoins like RLUSD can now be securely held in escrow, thanks to the XLS-85d update on the XRP Ledger (XRPL), a move that broadens the finance and technology landscape by allowing for the safekeeping of various tokens beyond XRP, including stablecoins, asset tokens, and memecoins.
With the integration of Multi-Purpose Tokens (MPTs) in XLS-85d, the XRPL ecosystem gains sophistication, providing lighter, adaptable, and user-friendly assets that welcome DeFi applications, real-world asset tokenization, and cross-asset transactions, thereby fostering greater adoption and interoperability.
