US Banks Embrace Ripple’s ODL

The recent decision that the company’s token is not a security, according to a Ripple executive, paves the way for US banks and financial institutions to adopt Ripple’s solution for international payments.

The decision was made after the SEC determined that the token was not a security.

In a recent interview with CNBC, Ripple’s General Counsel, Stuart ALDEROTY, expressed confidence that US banks will eventually return to using Ripple’s On-Demand Liquidity (ODL) product.

According to him, Ripple plans to begin negotiations with US financial institutions regarding adopting its ODL solution, which uses XRP for efficient money transfers, in the next quarter of the year.

The subject of these negotiations will be adopting Ripple’s ODL solution.

Alderoty emphasized that the court’s decision will assist financial institutions in discussing the difficulties they face with international money transfers, specifically the high fees involved.

WallStreetBulls, a Twitter user, highlighted the fact that 4,096 commercial banks and 576 savings and loan associations with a combined asset value of $23.7 trillion intend to revolutionize the process of settling cross-border transactions using Ripple ODL.

Given the large number of commercial banks in the United States, it is essential to remember that this is merely a WallStreetBulls projection.

It is currently unknown if any bank in the United States will utilize ODL.