Buzzing around the banking system and the monetary ledgers - especially the digital ones 🏦🔜📱
Joined May 2024
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SOFI was also the first to pitch a “Stablecoin”.
The fact is, insured Banks can’t actually make Stablecoins within their own balance sheets - it must be a legal subsidiary, segregated and fully reserved
Everything else is a deposit token - now they are finally admitting it
The incident underscores current risks when agents interact with traditional banking rails, where agents themselves cannot hold accounts and instead rely on delegated permissions or stolen credentials from account holders.
This reinforces the Travelers on XRPL: agents can use self-custodied RLUSD or other sovereign stablecoins for independent atomic payments and PvP without needing bank accounts at all, limiting exposure to unauthorized access while preserving permissioned delegation where desired.
Monetary McFly 🪰 retweeted
Settlement liquidity is exactly the kind of use case @XRP Ledger and RLUSD are built to support.
@Arf_One is bringing its approach to settlement liquidity to the XRP Ledger, using RLUSD to support short-term working capital for licensed payment companies as cross-border payments settle.
Arf is bringing settlement liquidity to the @XRP Ledger.
Cross-border payments move trillions of dollars every year, but the capital needed to move that money often remains tied up across markets.
That’s why we’re partnering with @Ripple to bring RLUSD-powered settlement liquidity to licensed cross-border payment companies on the XRP Ledger (XRPL).
Read the full announcement: arf.one/arf-and-ripple-partn…
Monetary McFly 🪰 retweeted
テクニカル解説 | コルレス銀行 vs. ブロックチェーン決済 - 日本のコストとスピードの事例 🔗
1/3
日本は世界有数の経済規模を誇り、そのクロスボーダー決済フローはアジアの主要貿易ルート全体に及びます。
しかし、そのフローを支えるインフラの多くは、1970年代に原型が設計された伝統的なコルレス銀行ネットワークに今も依存しています。
国際決済のデータが示す現状と課題を解説します。
スレッド 👇
From the 2018 wayback machine- @ashgoblue with a simple explanation of stablecoin PvP
8 years later - the foreign Agents are almost ready
Monetary McFly 🪰 retweeted
Websites are files on a computer. When you view a website, you are asking the computer to send you the files, then your browser shows them to you.
70% of the websites you see use PHP to make them interactive. So you can send things to the website too and it can respond. E.g. filling in a comment box and hitting 'post' adds the comment as a row to a spreadsheet.
PHP has a flaw in its code that allows anyone to gain control of the computer that has the website on it.
The organisation that provides PHP announced the vulnerability before a patch was available, meaning we're in a window where everyone knows about it (including baddies) but the good guys don't have an official solution.
Some are just turning off their websites and waiting for the solution. Others are trying to fix it themselves. General chaos and lots of stressed techies across literally the entire planet because this affects the entire internet.
Monetary McFly 🪰 retweeted
Agentic Finance on the XRPL: What happens when an AI agent needs to spend money?
Our Head of Digital Assets, @Odelia_Torteman , spoke with AI News about what makes autonomous payments trustworthy.
This weekend, those ideas become working products at the AI & Fintech XRPL Hackathon in New York, in partnership with Ripple, AWS, Mastercard, Ledger and QuickNode.
Four tracks, $40K+ in prizes, then straight into Swell. See you Saturday at 8:30am.
Read the full interview:
artificialintelligence-news.…
The SEC did not pick a chain⛓️
It picked a test 🧪
“Permissionless” means anyone can read or write the ledger without authorization.
A permissioned AMM can sit on that ledger.
Both at once.
Open book: XRPL, Ethereum and its public L2s, Solana, Stellar.
Closed book: DTCC’s private rail, bank consortium DLT, Canton as public-permissioned. You need a seat.
Gray: Arc, Tempo. You can send a transaction. Blocks are still a named club.
Vanilla AMM on an open chain still fails. The pool has to be gated.
Chain open. Pool gated. Clearinghouse books are neither.
This is not TSV approval. The venue still has to be a U.S. person, halt with the listing exchange, carry real share rights, and print a public tape.
Monetary McFly 🪰 retweeted
In our opinion, the establishment of an official @XRP account and a dedicated xrp[.]org website is evidence that @Ripple is turning its attention toward XRP's (potentially) massive retail ecosystem.
Big things coming...
A new official $XRP account on X, managed jointly by @Ripple and the XRP Ledger Foundation, passed 100,000 followers within 6.5 hours of launch, according to crypto media reports.
bsc.news/news/xrp-official-x…
Monetary McFly 🪰 retweeted
Whether you are conducting illegal oil transfers at sea or sitting in the corner office of a law firm, if you are supporting the Iranian regime, we will find you and sanction you. Iran’s facilitators must make a choice: Either you are with us or against us. We know who you are, we know what you’re doing, and we will continue to take action.
Today, as part of Operation Economic Outcast, Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, shipping agents, and vessels which have supported illicit Iranian shipping activity, indirectly aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs. Throughout Operation Economic Outcast, Treasury has continued to coordinate with counterparts in Europe and around the world to sever the Iranian regime’s remaining economic lifelines.
home.treasury.gov/news/press…
We are going to keep the U.S. the dominant reserve currency in the world and we will use Stablecoins to do that 🇺🇸
President Trump fundamentally transformed the future of finance with the signing of the GENIUS Act last year.
Today, U.S. Treasury’s @USOCC took a critical step toward implementing this historic legislation with the release of a final rule that delivers a federal framework for payment stablecoins that further cements American dominance in digital assets.
Monetary McFly 🪰 retweeted
JUST IN: 🇺🇸 US Treasury says new finalized crypto stablecoin rules under the GENIUS Act "cements American dominance in digital assets."
Monetary McFly 🪰 retweeted
Security called me at 6:12 AM today.
"Patch every PHP server immediately."
I asked what happened.
"Two critical vulnerabilities. Remote code execution. No authentication required."
Cool.
How many PHP servers do we have?
According to inventory: 12
According to reality:
Nobody knows.
We found one running WordPress.
Three running old internal tools.
One under someone's desk.
Two inside vendor appliances.
A forgotten employee directory from 2016.
And a server named:
PHP-OLD-DO-NOT-TOUCH
Naturally, that one runs payroll exports.
Then we found a PHP 5.6 box.
I asked who owned it.
The documentation said:
BRIAN.
Brian left in 2019.
We called Brian.
He said:
"Oh wow, that's still running?"
Excellent.
By 8 AM, leadership joined the incident call.
CEO:
"Can hackers actually get in?"
Security:
"Potentially yes."
CEO:
"Without a password?"
Security:
"Yes."
CEO:
"Then why do WE need passwords?"
Not the lesson.
Finance asked if we could wait until the weekend to patch because downtime affects revenue.
Security explained that the alternative was letting strangers execute code on our servers.
Finance asked for a cost comparison.
At 9:17, someone suggested temporarily taking the vulnerable websites offline.
Marketing refused.
"Our campaign is live."
So for the next hour, the company officially decided maintaining a landing page for 20% off webinar registration was more important than preventing remote server takeover.
We finally patched everything we could find.
Then our scanner discovered another PHP server.
Hostname:
TEMP-PHP-2014
Uptime:
4,512 days.
Nobody knows what it does.
Nobody owns it.
Nobody can shut it down.
But every time we block network access, the warehouse stops printing shipping labels.
Security has classified it as critical infrastructure.
It is running PHP 5.4.
The vulnerability has existed longer than half our employees.
The emergency patch took four hours.
Finding out what PHP actually runs took eleven.
The internet isn't held together with code.
It's held together with servers everyone is afraid to turn off.
Monetary McFly 🪰 retweeted
DTCC and Stellar will be on stage together Oct 28th / 29th aligning with DTCC’s tokenization service launching into full production.
DTCC sits at the center of global capital markets, and it's helping shape how those markets move onchain.
@nchakar is joining @DenelleDixon at Meridian to talk about what it takes to bring tokenization to institutional scale.
Monetary McFly 🪰 retweeted
Worst day in cybersecurity. Government organizations and large companies stepping forward pushing to patch major vulnerabilities AI is uncovering.
We are talking about services and stack a big part of the whole internet is relying on, and the avalanche is still on going.
I remember when people few weeks ago were like, how did you guys not find this issue on when "even" (lmao) AI found it.
Ultimately it will lead to a lot more secure software on the other side, but until then.
Welcome to the AI acceleration.
Monetary McFly 🪰 retweeted
Custody is no longer just a vault. It’s the operating layer beneath digital finance.
In the latest @BCG report, more than 20 financial institution leaders share how they are making that shift: identifying the value beyond safekeeping, then choosing the custody model and provider that help them capture it.
The next phase of digital asset custody is accelerating: on.ripple.com/4z9rSq0
How will you prepare for what's next?
Monetary McFly 🪰 retweeted
In construction, payroll and material costs can never wait.
Instead of selling his $XRP to cover the gap, this lantern borrower put it to work instead as collateral and kept every project moving forward without ever having to sell a single token
lantern.finance
Monetary McFly 🪰 retweeted
Its important to understand the differences between a deposit and a stable coin 👌
Stablecoins: The Fear is the Gate 
Most people think holding a stablecoin means the choice between a spy-coin or ghost-coin. That is not the product.
A bank deposit already has your name on it. Open the account, they take your ID. Every card tap still says it is you. When that file walks out the door, it is a leak - because it was supposed to be inside.
A reserved dollar like RLUSD is identified at the gate - where coins are created and cashed out. Same ID check. If you decide to come back to turn it into account money, you walk through that door again, if you spend it, it’s just gone.
In between is as easy as a QR to a phone. No branch. No card network. No correspondent. You pay a wallet, not a routing number.
The ledger tape can show wallets and amounts. There are hundreds of millions of them. Your name is not on any of them. You can have as many wallets as you want.
There is no statement to leak. It is already public. What is not public is your name. That sits back at the door.
RLUSD is that dollar on a book that already takes a QR.
You can finish the payment on the phone without asking a bank for permission - and without wrapping it onto someone else’s hallway.
Both answer sanctions law. The kill switch on a coin hits an address. The kill switch on a checking account already has your name on it.
Cash still wins the street. The deposit still wins the statement. The coin wins the trip that was never the Bank’s business to begin with
The fear is the gate.
The feature is the walk with nothing but a phone.
Throwing this out for consideration
The fact we have offshore dollar claims being transferred into Reserve Balances at the Fed through the Branches of Foreign Banks in New York
The Fed loses money by paying them interest on these balances - and these losses directly impact the deficit and causes the US to sell more debt to cover these losses
If it’s not fraud, it’s an amazingly stupid concept
Make them buy Treasuries or Repo - not hold idle balances at the Fed
