In its recent tweet, Ripple shared a five-year prediction for the tokenization market, stating that by 2030, 10% of global assets are expected to be tokenized.
Digital asset custody is anticipated to drive this adoption surge, with crypto assets under custody projected to reach $16 trillion by 2030. Custody, a core safekeeping capability, is the bedrock of institutional digital asset services ranging from tokenized real estate and treasuries to stablecoins and cryptocurrencies.
In this light, Ripple Custody is gaining momentum. Société Générale FORGE, the crypto arm of French financial services company Société Générale, is issuing its EURO-backed stablecoin EURCV on XRP Ledger using Ripple Custody, while BDACS in South Korea custodies Ripple’s stablecoin Ripple USD (RLUSD).
In major news, USD-backed Ripple stablecoin RLUSD will be available to institutions in Africa through Ripple’s three new partnerships with Chipper Cash, VALR and Yellow Card.
XRP Ledger welcomes major amendment
In a major milestone for institutional and user adoption, the Credentials amendment is now active on XRPL’s mainnet.
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XRP Ledger blockchain explorer XRPScan highlighted this milestone in a tweet, reporting that the first Credential has been created on the XRPL mainnet.
Credentials are a set of tools for managing authorization and compliance requirements using XRP Ledger, adding three new transaction types for managing credentials. These are CredentialCreate transaction, which creates a credential in the ledger; CredentialAccept transaction, which accepts a credential issued, and CredentialDelete transaction, which deletes a credential from the ledger.
Credentials can be applied to attest to a compliance requirement like KYC and AML for a user or institution.