A BitPay report released in 2023, has shown that XRP saw a notable increase in usage for payment transactions on BitPay, with a 42% rise in transaction volume. BitPay, a prominent facilitator of crypto payments, recently released a report highlighting the substantial use of cryptocurrencies like XRP for global merchant payments throughout the year.

According to the report, there was a significant increase in the use of various blockchain networks for payments in 2023, with XRP being one of the top choices for global transactions to merchants. XRP experienced a 42% surge in spending volume, facilitating 7,310 payments to businesses across 113 industries, as reported by BitPay. This marked a substantial increase compared to the previous year's transaction volume.

BitPay acknowledged the XRP community's growth, referring to XRP as a ‘Comeback Kid’ due to its impressive increase in spending volume. While XRP ranked among the top 10 most used tokens, Bitcoin emerged as the preferred choice for BitPay users, with 296,689 payments made using BTC. Litecoin closely followed Bitcoin in settlement transactions, recording 213,647 payments, while Ethereum trailed with a lower payment volume of 81,619.

Other cryptocurrencies like Dogecoin, Bitcoin Cash, and Polygon also featured among the top ten most used for payment transactions through BitPay in 2023. BitPay noted that crypto payments occurred across 175 countries, with the USA leading in payment frequency. Various industries, including Precious Metals, Sports, Retail, Luxury Goods, Automotive, and Gaming, accepted crypto payments in 2023.

Additionally, BitPay welcomed new merchants, including renowned brands like Gucci and Ferrari, into the fold of accepting crypto payments. XRP’s rise Back in July 2023 US-based blockchain company Ripple partnered with Republic of Palau to launch a USD-backed Palau Stablecoin (PSC) on the XRP Ledger. The US Dollar-backed Palau Stablecoin (PSC) will be issued on the XRP Ledger (XRPL), a carbon-neutral blockchain that has been used to transact millions of transactions over the course of 10 years, enabling privacy and security for settlement and liquidity of tokenized assets.

The pilot programme will roll out in phases, with the first phase involving participation from about 200 government employees and local merchants in Palau. As part of this controlled stablecoin pilot, Palau will also leverage the Ripple CBDC Platform, an end-to-end solution for central banks to issue their own central bank digital currency, as well as the technical resources to make the PSC a digital representation of Palau’s official currency, the US Dollar. The enhanced platform will now allow Palau to holistically manage and customise the entire life cycle of the stablecoin, including distribution and transactions.

A stablecoin is a digital unit produced on a blockchain that maintains a fixed value. .