Ripple Labs' president featured in a recent New York Times series on global consumer behavior in 2024. The series highlights the shift towards cryptocurrencies like BTC and XRP in developing countries due to the inefficiency of traditional financial structures. The 'cryptoization' trend is driven by macroeconomic instability and weak inflation controls, leading people to prefer cryptocurrencies over local currencies.
Developing nations, including Argentina, Zimbabwe, and Nigeria, are also adopting stablecoins to mitigate currency volatility. Ripple Labs, amidst the ongoing SEC lawsuit, is seeking clear standards from U.S. courts. They recently published a whitepaper on central bank digital currencies (CBDCs), anticipating $5 trillion worth of CBDCs globally in the next decade. The U.S. Federal Reserve is exploring a CBDC to enhance payment options, liquidity, and cross-border transactions.
