US Treasuries settle in real dollars over XRP Ledger
Earth’s biggest market trades $1 trillion a day. Today, Ripple settled US Treasuries in USD using the XRP Ledger.
US Treasuries are the most important market in the world. They trade on the balance sheet of almost every government, bank, and retirement fund. There are more than $30 trillion of them outstanding.
Over $1 trillion of them change hands every single day.
They have always moved as slow as molasses. Until today.
Buy a Treasury, get it the next morning at the earliest. Want dollars for a US Treasury redemption sale? Good luck with that wire landing in two days. Try to move them on a Friday afternoon or a holiday, and the process starts Monday.
The biggest market on Earth runs on bankers’ hours and overnight clearing and settlement processes.
Today, XRP Raised the Standard.
Ripple redeemed an actual US Treasuries, on the XRP Ledger, and received US dollars in its bank account in real-time.
This is the story XRP holders have been waiting nine years to read.
Ripple has been setting up this infrastructure for years. Mastercard triggered the dollar payment request. JPMorgan delivered the actual dollars, across an ocean, to Singapore, in real time, in real dollars.
Not a stablecoin redemption, or an IOU, or a balance update, or a portfolio margin marker. Real dollars, in a USD bank account, because of an XRP Ledger transaction that sold a real US Treasury bond.
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XRP Premium Analysis
A trillion of them might trade every day, but remember about these trades actually occur.
A bondholder in New York sells a Treasury to a buyer in Singapore.
The sequence of instructions begins.
The customer tells
a broker
to tell its bank
to tell its custodian
to tell its clearinghouse
to start a clearing and settlement process of a Treasury because
the broker
is telling its bank
to tell its Fed Master bank
to tell its correspondent bank
to tell a bank in Singapore
that a USD wire is incoming.
Eventually, in a few days, everyone agrees that the bond has settled at the clearinghouse, and that all the wires have cleared. The cycle ends a day or two later, or sometimes longer if the time zones or holidays get awkward.
That is the architecture that collapsed into a few seconds today during Ripple’s live Treasury settlement across the XRP Ledger at the Consensus conference in Miami…