Ripple Launches A New Token Standard On XRP Ledger To Facilitate Crypto & NFTs Issuance

Updated: 03 September 2024

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Ripple, one the leading providers of digital asset infrastructure for financial services, has launched a new token standard on its XRP Ledger to facilitate seamless crypto assets and non-fungible token collection issuance. This new token standard will pay way to the creation of stablecoins, meme coins, and non-fungible token collections among other digital assets in the future.

Ripple Unveils A New Token Standard

In a short live interview on September 02, Jazzi, the Head of Defi Products at Ripple, confirmed that they have launched a new token standard known as “multi-purpose token or MPT” on their XRP Ledger blockchain network. The token will seamlessly facilitate asset issuance, value transfer, exchange, and credit all while prioritizing security and regulatory compliance.

🚨BREAKING: @Ripple Unveils "Multi-Purpose Tokens" on the #XRP Ledger in Q3 2024! pic.twitter.com/QymzWTxxCW

— JackTheRippler ©️ (@RippleXrpie) September 2, 2024

Ripple is a blockchain-based digital payment company that has created a network and protocol that uses the cryptocurrency XRP and the XRP Ledger. The XRP Ledger (XRPL) is a decentralized, public blockchain network led by a global community of businesses and developers looking to solve problems and create value. XRP Ledger allows fast, low-cost, and real-time transfer of XRPs, NFTs, and other digital assets.

In its recent advancement, Ripple has unveiled its new token standard (MPTs). By description, token standards are sets of rules that define how digital tokens, including non-fungible tokens, should be created, managed, and transferred on a blockchain network. Ripple’s Multi-purpose token joins a rapidly growing list of token standards, such as ERC-721, ERC-20, and BRC-20.

#Ripple Unveils “Multi-Purpose Tokens” on $XRP Ledger in Q3 2024! 💥📈

The XRP devs are bringing institutional-grade real-world asset tokenization to #XRPL! 🚀

Introducing MPT with:

1️⃣ On-Chain Real-Time Data
2️⃣ Adaptive Flexibility
3️⃣ Freezing, Clawbacks & Non-Transferable… pic.twitter.com/TMYoTCGkSU

— Collin Brown (@CollinBrownXRP) September 2, 2024

Key Use Cases Of Ripple Multi-purpose Token

Ripple anticipates using its new multi-purpose token to create tokenized products, including Treasury Bonds, Airline Credits, University Certificates, Art, and other Real World Assets NFTs. Ripple, through its SBI Holdings, hinted at plans to launch tokenized assets in January., Ripple’s ally SBI Holdings planned to release NFTs on the XRP Ledger network and unveil it at the Expo 2025 event.

Soon the leaves will be turning red with autumn colors… 🍁✨

／#EXPO2025 opens on Apr. 13 (Sun), 2025!
222 days to go until the opening🎉
＼

Filming location: Kasugataisha Shrine (Nara City, Nara Prefecture)#EXPO2025 #MYAKUMYAKUsJapanTrip

— Expo 2025 Osaka Kansai (@expo2025japan) September 2, 2024

Expo 2025 is an upcoming technology exhibition event that is scheduled to open on April 13, 2025, and close on October 13, 2025, in Osaka, Japan. The highly expected event will pave the way for the birth of new technologies and products, including blockchain technology, that will help improve the convenience of everyday life. The firm has partnered with SMBC, Resona, and MUFG to issue NFTs for the Expo 2025 event.