XRP volume just hit an all-time high against the Mexican peso on the crypto exchange Bitso.

Bitso is one of the exchanges powering Ripple’s ODL, and money transfer giant MoneyGram says it’s now moving 10% of its daily transactions between Mexico and the US by using the XRP-based payments product.

On a recent episode of the FintechBeat podcast, Ripple CEO Brad Garlinghouse confirmed the rising volume is linked to MoneyGram.

“It’s a public ledger. You can see where volumes are growing, contracting, and we’ve talked publicly about it – partly because of MoneyGram as well as some other customers who are using what we call On-Demand Liquidity. The product is moving [capital] so that you don’t have to pre-fund.

You can see that the volume of transactions between XRP and the Mexican peso, at a time when crypto trading dropped by about 50% over the summer, that volume grew by more than 50%. That’s because there’s real utility, and that’s a growing amount of traffic, and we’re continuing to grow that amount of traffic. So you can see the percentage of XRP to MXN – Mexican peso transactions. As that grows, it’s a pretty safe bet that a larger and larger percentage of that is actually utility and no speculation.”

The Liquidity Index Bot reports that the trading pair achieved a liquidity index record on December 30th.

The record-setting index level eventually topped out at 10,189,161, and it continued to hover near that level on the following day.

 

This article was first seen on the Daily Hodl and can be found here: https://dailyhodl.com/2020/01/01/ripples-on-demand-liquidity-hits-record-high-on-mexico-corridor/

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