Cryptocurrency enthusiasts are buzzing with excitement as Uphold, a major U.S. crypto exchange, confirms a groundbreaking development: FedNow, the payment system of the U.S. Federal Reserve, now facilitates instant XRP withdrawals directly to select U.S. bank accounts. This advancement allows users to seamlessly convert their XRP to USD and withdraw funds instantly.
While this feature isn’t entirely new, its recent resurgence has captured the attention of the crypto community, marking a significant step toward merging digital assets with traditional finance.
Rumor to Reality: Uphold’s Confirmation
Speculations initially arose after a nod from XRP advocate Crypto Value Hunter, sparking a mix of skepticism and curiosity, with some dismissing it as an April Fool’s prank.
However, Uphold has validated these transactions, affirming that U.S. residents with bank accounts linked to FedNow or RTP (Real-Time Payments) can now enjoy instant XRP-to-USD withdrawals. Eligible transactions are marked by a lightning symbol in the Uphold app.
Key Details:
- Fee Structure: 1.75% (minimum $1, maximum $150).
- Eliminates Pre-Conversion: No need to manually convert XRP to USD before withdrawal.
👉 Discover how FedNow is revolutionizing crypto liquidity
FedNow and RTP: The Backbone of Instant Transactions
FedNow, launched by the U.S. Federal Reserve in July 2023, enables real-time payments. It’s complemented by RTP, a system operated by The Clearing House since 2017. Uphold’s integration isn’t limited to XRP—it extends to other supported cryptocurrencies, signaling broader adoption of digital assets in traditional finance.
Unanswered Questions:
- What’s the extent of Uphold’s partnership with FedNow?
- How does XRP specifically interact with the FedNow network?
Industry Perspectives: Chad Steingraber’s Insights
Prominent XRP community figure Chad Steingraber highlights the importance of bridging crypto and traditional finance. He notes:
- Ripple Payments exclusively uses Uphold and FedNow to streamline XRP-to-USD conversions.
- XRP isn’t used for core FedNow transaction processing—hinting at a layered integration model.
👉 Why instant withdrawals matter for crypto’s future
FAQ Section
1. Which banks support FedNow withdrawals for XRP?
Currently, only U.S. banks connected to FedNow or RTP are eligible. Check with your bank for compatibility.
2. Are there limits on instant XRP withdrawals?
Yes. Fees range from $1 to $150 (1.75% of the transaction amount).
3. Does this integration mean XRP is officially part of FedNow?
No. XRP facilitates liquidity but isn’t native to FedNow’s core infrastructure.
Conclusion
Uphold’s FedNow integration marks a leap forward for crypto实用性, offering speed and accessibility previously unseen. As details unfold, this collaboration could set a precedent for broader digital asset adoption in traditional finance.
Final Thought: The seamless movement between XRP and USD underscores crypto’s evolving role in global payments—a trend worth watching closely.