{"id":134993,"date":"2024-08-06T12:00:42","date_gmt":"2024-08-06T09:00:42","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=134993"},"modified":"2024-08-06T01:20:12","modified_gmt":"2024-08-05T22:20:12","slug":"feds-crypto-killer-fails-to-disrupt-the-market-after-one-year","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/feds-crypto-killer-fails-to-disrupt-the-market-after-one-year\/","title":{"rendered":"Fed&#8217;s &#8220;Crypto Killer&#8221; Fails to Disrupt the Market After One Year"},"content":{"rendered":"<p>Despite the recent crash, the total market capitalization of cryptocurrencies has increased by 59% since FedNow&#8217;s introduction in 2023.<\/p>\n<p>While the Federal Reserve never explicitly stated that FedNow would disrupt the crypto industry, its features closely mirrored those of blockchain technology. FedNow promoted benefits such as continuous operation, payment irreversibility, high transaction throughput, no chargebacks, and very low fees, which are also key selling points for many cryptocurrencies.<\/p>\n<p>Although FedNow was initially thought to potentially overshadow cryptocurrencies, particularly stablecoins, it has not displaced them. The service\u2019s transaction fee of $0.23 is competitive with that of major blockchains, irrespective of the transaction size.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/saudi-arabia-the-rising-star-of-web3-innovation\/\" title=\"Saudi Arabia: The Rising Star of Web3 Innovation\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/saudiarabia-flag-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Saudi Arabia: The Rising Star of Web3 Innovation<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/xrp\/\">XRP<\/a> <\/strong>community had high hopes that FedNow\u2019s launch might boost Ripple\u2019s blockchain, which has been marketed as ideal for interbank transfers and remittances. However, XRP has lost 25% of its value since FedNow\u2019s debut.<\/p>\n<p>Over the past year, FedNow has integrated over 900 financial institutions, though only 32 have been officially approved to handle payment processing. Mark Gould, the chief executive payments officer at Federal Reserve Financial Services, acknowledged that achieving widespread instant payment adoption is still a work in progress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FedNow, touted by the US Federal Reserve as a 24\/7 instant payments solution and a potential &#8220;crypto killer,&#8221; has not had the expected impact on the cryptocurrency market.<\/p>\n","protected":false},"author":3,"featured_media":79896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[28],"tags":[],"class_list":["post-134993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fed&#039;s &quot;Crypto 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