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- Cardano co-founder Charles Hoskinson has confirmed that Cardano would support ISO 20022 alongside XRP and other cryptos.
- A crypto enthusiast has argued that banks may not use volatile crypto tokens in their operations, but would focus on tokenized deposits and stablecoins.
In a recent update, CNF explained that several crypto projects are adopting ISO 20022 to align with the evolving global payments landscape. Multiple reports have confirmed that the launch is just a few days away, creating a buzz around eligible tokens.
Cardano’s Charles Hoskinson Speaks on ISO 20022
A few hours after our earlier update, the co-founder of Cardano, Charles Hoskinson, reaffirmed his support for this groundbreaking migration, stating that “ADA is glad to be holding the line with XRP, HBAR, ALGO, and others.”
According to Hoskinson, support for ISO 20022 is crucial to open banking and to bridging the traditional finance (TradFi) and decentralized finance (DeFi) worlds.
However, his post was not enough confirmation for a user identified as “Strong H₳nd Hodler.” Commenting on Hoskinson’s statement, this user asked him to explain what he meant by “holding the line” and also elaborate on the progress since he earlier promised to look into this the last time the ISO 20022 conversation came up.
Hoskinson’s response to him was straightforward: “We would support it”.
The hype around this development is real, but not everyone wants to get carried away. According to an influencer with 14k followers known as Fishy Catfish, banks are certainly not going to use crypto tokens in their workflows since they are very volatile.
Firstly, he argues that tokens becoming compliant with the standards does not necessarily mean there could be demand for them. If banks want to move value, they would settle on stablecoins and tokenized deposits.
Secondly, Fishy Catfish believes that “ISO 20022 standard is being updated and expanded by Swift per their work with Chainlink to allow for additional data fields pertaining to oracles and chains.”
Regardless of these positions, the implementation of the new global banking language is expected to enable enhanced interoperability between systems, unlock faster settlement capabilities, and enrich messaging.
In addition to Cardano, the likes of XRP, HBAR, ALGO, IOTA, QNT, XDC, and XLM have been mentioned as eligible. According to reports, XRP and XLM are focused on cross-border payments; IOTA on real-time value transfer; ALGO on a scalable payment network; HBAR on institutional use cases; QNT on interoperability solutions; and XDC on trade finance applications. For ADA, it has been known for its smart contract-capable blockchain.
Other cryptos could also declare their support as Pi Network seeks to join by November 22, as mentioned in our earlier discussion.
Apart from this, Cardano is working on its global adoption as it confirms massive progress across all focus areas.
As detailed in our recent coverage, the team has disclosed that the Binance and Cardano academy has officially been launched to boost adoption through access to blockchain education. CNF has also highlighted that Cardano has aligned with x402 sponsors in the area of Real World Assets (RWA).
