Key Takeaways:
XRP Ledger's smart contract sidechain, Xahau, completed a major roadmap milestone by enabling blockchain-based settlement for euro-denominated remittances to Ethiopia starting May 9.
"A major milestone on the Xahau roadmap has been completed," the official Xahau account posted on X, highlighting the increasing utility of the blockchain.
The initiative is a partnership between global payments firm TerraPay and Ethiopia's Cooperative Bank of Oromia. The technical and regulatory framework was developed with the Inclusive Financial Technology Foundation (INFTF) and Ethiopian financial authorities to support the new payment corridor from Europe.
This launch provides a real-world use case for the XRP Ledger ecosystem in cross-border payments, potentially boosting adoption. Success in the European-Ethiopian corridor could serve as a model for expansion into other regions, further integrating the Xahau sidechain with traditional financial systems.
The development comes amid a series of advancements for the broader XRP Ledger ecosystem. The XRP Ledger Foundation, a non-profit dedicated to the network's growth, recently announced a new leadership team. The team includes Executive Director Brett Mollin, Chief Technology Officer Denis Angell, Director of Operations Rene Huijsen, and Director of Community Vet (Hussein Zangana).
In a separate technical update, the network released XRPL version 3.1.3, which includes one fix amendment to enhance performance.
The ecosystem also recorded a significant milestone in tokenization this week. Ondo, Ripple, JPMorgan, and Mastercard collaborated to complete the first cross-border redemption of tokenized US Treasuries on the XRP Ledger, demonstrating its capability in handling regulated digital assets.
This article is for informational purposes only and does not constitute investment advice.
