The Federal Reserve’s latest announcement may have flown under the radar for many, but it has the potential of becoming one of the most important updates in the entry of cryptocurrencies like XRP into the world of global finance. In its announcement, the Fed kept things understated, simply stating, “The ISO® 20022 migration is complete! It’s time to start exploring the possibilities.”
The ISO 20022 standard allows payments to carry more information, such as compliance details, contextual metadata, and even tokenized value. It reduces friction in cross-border transactions, which allows financial institutions to communicate better.
The completion of this migration by the US Federal Reserve brings its payment infrastructure into sync with much of the rest of the world, where SWIFT has already adopted ISO 20022 as its standard since 2023.
Ripple has long been a champion of ISO 20022 adoption. The company began aligning its messaging standards with the protocol when Ripple joined the ISO 20022 Registration Management Group in 2020, positioning RippleNet to integrate once the broader financial world made the transition. As noted by 589bull, the pipe was laid years ago, and now the water’s about to roar through it.
At the time of writing, XRP is trading at $2.87, down by 1.1% in the past 24 hours.
