Which central banks work with Ripple?

Ripple has established partnerships with multiple central banks worldwide to explore central bank digital currency (CBDC) implementations, with confirmed collaborations including Bhutan's Royal Monetary Authority, Palau, Montenegro, Colombia, and several other monetary authorities across different continents. These partnerships position Ripple as one of the leading blockchain infrastructure providers in the emerging CBDC landscape.

The Royal Monetary Authority of Bhutan represents one of Ripple's most advanced CBDC partnerships, launched in September 2023. This collaboration focuses on developing a digital version of the Bhutanese ngultrum using Ripple's CBDC platform, which leverages the XRP Ledger's underlying technology. Bhutan's initiative aims to increase financial inclusion in remote mountainous regions where traditional banking infrastructure faces significant geographical challenges. The project specifically targets cross-border payments with India, Bhutan's largest trading partner, potentially streamlining bilateral trade settlements.

Palau's partnership with Ripple, announced in 2021, centers on developing the world's first government-backed stablecoin. The Palau Stablecoin (PSC) operates on the XRP Ledger and maintains a 1:1 peg with the US dollar, serving as legal tender alongside the USD in this Pacific island nation. This implementation serves as a practical testbed for CBDC technology in a small, controlled environment while maintaining regulatory compliance with US financial standards.

Montenegro's collaboration with Ripple focuses on exploring wholesale CBDC applications for interbank settlements and government transactions. Announced in 2022, this partnership examines how blockchain technology can modernize the country's payment infrastructure as it progresses toward European Union membership. The project evaluates both domestic payment efficiency improvements and enhanced connectivity with EU payment systems.

Colombia's central bank, Banco de la República, has engaged with Ripple as part of its broader CBDC research initiative launched in 2021. While maintaining a cautious approach characteristic of major Latin American economies, Colombia's exploration includes both retail and wholesale CBDC applications, with particular attention to financial inclusion in rural areas and cross-border remittance corridors.

Additional central banks have participated in Ripple's CBDC Private Ledger pilots, though specific details remain confidential due to regulatory sensitivities. According to Ripple's 2024 reports, over 15 central banks have engaged with their CBDC platform in various capacities, ranging from technical consultations to full pilot implementations.

These partnerships demonstrate several practical advantages of Ripple's technology stack. The XRP Ledger's energy-efficient consensus mechanism addresses sustainability concerns raised by many central banks about blockchain adoption. Transaction throughput capabilities—processing up to 1,500 transactions per second—meet the scalability requirements for national payment systems. Built-in compliance features align with existing regulatory frameworks, reducing implementation friction for conservative monetary authorities.

The implications extend beyond individual partnerships to influence global CBDC development standards. Ripple's multi-central bank experience creates network effects, where interoperability between different CBDC implementations becomes increasingly feasible. This positions participating central banks to potentially achieve seamless cross-border CBDC transactions—a key objective for international monetary cooperation initiatives.

These collaborations also connect to Ripple's broader blockchain infrastructure offerings, including RippleNet for cross-border payments and On-Demand Liquidity services. Understanding central bank partnerships provides crucial context for evaluating Ripple's strategic positioning in institutional blockchain adoption and the evolving digital payments ecosystem.