Monica Long, the President of Ripple Labs Inc., has urged banks and financial institutions to take action as tokenization gains ground around the world. According to a recent joint report with Boston Consulting Group, Ripple shared data showing how tokenizing real-world assets could become a game changer by 2033. Long centered her advocacy for institutions on this premise.
The Monica Long Message to Financial Institutions
In her X post, Monica Long asserted that the global financial sector is at a turning point. She expressed that RWA tokenization, converting physical assets like property or bonds into digital tokens on the blockchain, could become an $18.9 trillion market in less than a decade.
She warned that conventional financial institutions must move quickly or risk being left behind. According to the Ripple Labs President, by moving to token-based systems, banks can open new income channels, reach wider markets, and cut down on operating costs.
Monica Long also pointed out that if banks used tokenized systems to access a small share of these markets, they could increase profits and efficiency.
Ripple Labs and Its Tokenization Push
It is worth mentioning that Ripple Labs, the firm behind this push, remains a frontline solutions provider in the blockchain industry. The firm aims to improve financial systems using fast, safe, and cross-platform technology.
To strengthen this move, Ripple commissioned the study mentioned above on how tokenization can change global finance with BCG. The firms released a report revealing that assets worth $10 trillion, such as real estate and trade finance, can benefit from being turned into digital tokens.
Since the announcement, investors have speculated on what the future holds, especially with a potential partnership with Cardano.
Role of XRP and RLUSD Stablecoin In Tokenization
It is important to add that Ripple’s XRP Ledger is at the forefront of its tokenization efforts. Additionally, the network processes transactions fast and at very low fees, making it well-suited for high-volume global token trades.
In addition, Ripple CEO Brad Garlinghouse recently shared on his X page that real-world asset tokenization is changing the financial landscape by making traditional assets easier to access and manage more efficiently.
In addition, Ripple Labs also places a premium on RLUSD, its stablecoin tied to the US dollar. RLUSD operates on the XRP Ledger and Ethereum, allowing users to buy, hold, and transfer tokenized dollars without a bank account.
This stablecoin makes it easier for users to engage with real-world assets, offering fast and low-cost access to digital finance.
Regarding the above, Ripple Labs recently integrated the RLUSD stablecoin with Ripple Payments to drive global utility.
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