Attorney Bill Morgan Reveals How US Bank Failures Disrupted XRP Transactions in Ripple’s ODL System
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- Attorney Bill Morgan reveals how the 2023 banking crisis disrupted Ripple’s On-Demand Liquidity (ODL) system.
- Ripple partner Tranglo faced severe liquidity issues, forcing a temporary switch from XRP to fiat pre-funding.
- XRP adoption declined, with only 7 out of 93 active Tranglo customers using ODL in 2024.
Pro XRP lawyer Bill Morgan has uncovered new details about Ripple’s On-Demand Liquidity (ODL) system. The information comes from Currenc Group’s March 6 SEC filing. The document outlines financial risks and reveals how the 2023 banking crisis impacted Tranglo’s XRP transactions.
Tranglo, a key Ripple partner in Southeast Asia, faced severe liquidity challenges after the collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank.
Many crypto exchanges, including two used by Tranglo, struggled to process XRP transactions. Because of this, several ODL partners stopped using XRP for a bit and switched to using regular money they had on hand.
How the Banking Crisis Disrupted XRP Transactions
The filing explains how the failure of major U.S. banks created a liquidity shortage for crypto markets. Many exchanges relied on these banks …
The post Attorney Bill Morgan Reveals How US Bank Failures Disrupted XRP Transactions in Ripple’s ODL System appeared first on Coin Edition.
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