8 Crypto Assets with ISO 20022 Standard on the Rise: XRP, XLM, HBAR
2024-12-05
Bittime - In recent days, crypto assets with the ISO 20022 standard have experienced a significant increase.
What is the ISO 20022 standard? And what crypto assets use this standard? Read this article to find out!
What is the ISO 20022 Standard?
ISO 20022 is an international standard for financial messaging that enables financial institutions to exchange data in a structured and consistent manner.
This standard was originally developed for traditional financial transactions, but is now expanding to crypto assets. With interoperability and efficiency, financial institutions and blockchain projects can communicate more smoothly.
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The Importance of the ISO 20022 Standard
Using the ISO 20022 standard helps crypto assets become more easily integrated into traditional financial systems, such as SWIFT. Thus, crypto assets can operate more efficiently, especially in cross-border transactions.
With adoption continuing to grow, several cryptocurrencies that comply with these standards have performed very well in recent times. Here are 8 crypto assets that use the ISO 20022 standard.
1. XRP (XRP)
XRP, the native token of the XRP Ledger, is very popular in the world of cross-border payments. This crypto asset aims to be a liquidity solution between various fiat currencies.
The adoption of the ISO 20022 standard allows XRP to better integrate with traditional financial systems making it an efficient tool for global transactions. In the last month, XRP recorded an increase of 434.98%.
2. Stellar (XLM)
Stellar is designed for low-cost cross-border transactions, and uses XLM tokens as a medium.
By adopting ISO 20022, Stellar strengthens its connections with traditional financial institutions. Its performance last month was very satisfying, namely with an increase of 470.55%.
3. Cardano (ADA)
Cardano started supporting smart contracts in 2021. The adoption of the ISO 20022 standard allows ADA tokens to be used in a wider range of transactions, including international trade.
ADA's 278.76% increase last month proves its potential as one of the crypto assets that uses the ISO 20022 standard.
4. Quant (QNT)
Quant focuses on interoperability between blockchains via the Overledger protocol. With the ISO 20022 standard, Quant is expanding its reach within the traditional financial system, which contributed to its rise of 133.61% last month.
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5. Algorand (SOMETHING)
As a fast and decentralized blockchain, Algorand supports DApps and offers secure transactions.
The adoption of the ISO 20022 standard increases its compatibility with traditional financial systems so that it increased by 367.25% last month.
6. Hedera Hashgraph (HBAR)
HBAR uses a unique algorithm called Hashgraph to offer a fast and secure decentralized solution.
By complying with ISO 20022 standards, Hedera can be integrated into traditional systems, which takes it up to 689.76%.
7. IOTA (MIOTA)
IOTA dis designed for the Internet of Things (IoT) and offers zero-fee transactions with a unique structure called Tangle.
By adopting the ISO 20022 standard, IOTA can facilitate efficient communication between IoT devices. MIOTA rose 260.01% last month.
8. XDC Network (XDC)
XDC Network focuses on global trade and supply chain financing. With ISO 20022 standards, XDC provides more efficient cross-border transactions. Last month, XDC experienced an increase of up to 189,71%.
Potential of the ISO 20022 Standard
The adoption of the ISO 20022 standard by blockchain projects such as XRP, Stellar, and Cardano shows how interoperability can bring huge benefits to the world of traditional and digital finance.
With the impressive performance of these 8 crypto assets, the ISO 20022 standard is attracting more and more attention in the crypto sector. Wider adoption will likely increase the trust and utility of blockchain.
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ISO 20022 Standard FAQs
Why is Adoption of ISO 20022 Important?
The ISO 20022 standard helps improve data quality, transparency and customer experience in financial transactions. By adopting the ISO 20022 standard, the international payment process becomes more efficient and secure
Kbut ISO 20022 Begins to be Implemented Globally?
The adoption of ISO 20022 began to be implemented globally from November 2021 with a transition period of four years until the end of 2025. During this period, the old system (MT) will continue to run alongside ISO 20022 to ensure a smooth transition process.
What are the Benefits of ISO 20022 for the Financial Industry?
The ISO 20022 standard enables better integration between traditional payment systems and new technologies such as blockchain. Additionally, this standard improves operational efficiency by reducing data errors and providing more detailed information to simplify analysis and regulatory compliance.
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Reference
Jon Nielsen, ISO 20022 Crypto: List of Compliant Coins & Tokens in 2024, accessed December 5, 2024.
Altcoin Investor, ISO 20022 - Top Compliant Cryptos, accessed December 5, 2024.
Altcoin Investor, X Apotheosis Account, accessed December 5, 2024.
Author: IPR
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