A recent tweet by JackTheRippler has stirred excitement regarding the roles of Ripple and Stellar in a new global payment system.
Role of Ripple and Stellar in Payments Integration
The video outlines a model where Ripple and Stellar play pivotal roles in connecting existing networks like Swift, Visa, and Mastercard with blockchain systems.
Three Phases of Global Payment System Integration
The first phase focuses on a globally distributed directory for resolving proxy identifiers. The second introduces tokenized compliance mechanisms. The third is about instant clearing and settlement, reducing transaction time to seconds.
Future of Global Financial Systems
The role of central banks and governments remains crucial for the successful adoption of new financial technologies.
Despite optimism about Ripple and Stellar, regulatory challenges and integration speed should be considered.