VeChain Foundation has recently submitted a trademark registration for V3TR, indicating its interest in the $20 trillion payments market. This move is expected to bring VeChain in line with global financial communication standards, alongside other cryptocurrencies such as Ripple and Stellar, ushering in a new era for the global financial system.
VeChain’s ambition to become ISO 20022 compliant, like XRP and XLM, is seen as a significant step towards becoming a major player in the trillion-dollar payment industry. The global payments sector is experiencing rapid growth, with an annual growth rate of 24%. By 2026, it is projected to reach $20 trillion, according to a report by Boston Consulting Group.
The trademark filing has sparked speculation about potential partnerships with central banks. The filing covers various financial services, including electronic transfer of digital currency and issuance and redemption of cryptocurrency tokens.
In addition to its plans for the payments market, VeChain is also focused on implementing Account Abstraction, which will enhance its compatibility with blockchain technology. This feature will simplify transactions and interactions on the VeChain platform.
The VeChain community is actively discussing the tokenomics of the ecosystem, particularly concerns about inflationary pressures and long-term economic sustainability. These discussions aim to ensure that the network is prepared for the mass adoption of cryptocurrencies.
As of 2023, nine cryptocurrencies, including Quant, Ripple, Stellar, and Cardano, were ISO 20022 compliant. The implementation of Swift Transaction Manager this year will further enhance data integrity rules.
This latest development could potentially drive an interesting run for VET. Currently trading at $0.028888, the asset has experienced a 0.5% surge in the last 24 hours and a 3.6% surge in the last seven days, bringing its market cap to $2,098,929,150. Analysts predict that VET could reach a minimum price of $0.063554 and potentially even reach $0.07222 by the end of the year.
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