by Scott Emick
2/7/2025
holiver4 asked me this morning, “You know anything about iso 20020 coins?”. I wondered, “what are iso 20022 coins?”
ISO 20022 is an international standard for financial messaging that provides a common language and structure for electronic data exchange between financial institutions. Its primary goal is to modernize the traditional financial sector, making data handling easier and promoting standardized data exchange. The standard is being adopted by both traditional financial systems and the world of cryptocurrencies to improve interoperability.
Several cryptocurrencies have adopted the ISO 20022 standard to enhance their compatibility with traditional financial systems. Notable examples include:
• XRP (XRP): Developed by Ripple, XRP is designed for efficient cross-border payments and remittances. It acts as a bridge currency, facilitating liquidity between different fiat currencies. Ripple is a member of the ISO 20022 standardization body.
• Stellar (XLM): Originating from a Ripple hard fork, Stellar focuses on connecting banks, payment systems, and individuals for fast and cost-effective cross-border transactions. Stellar is also a member of the ISO 20022 standardization body.
• Cardano (ADA): Cardano is a decentralized Proof-of-Stake blockchain that emphasizes a research-driven approach. Its adoption of the ISO 20022 standard aims to ensure interoperability with traditional financial institutions.
• Quant (QNT): Quant’s Overledger protocol facilitates interoperability between various blockchain networks. By embracing ISO 20022, Quant enhances its ability to connect diverse financial systems seamlessly.
• Algorand (ALGO): Algorand is a decentralized blockchain platform designed for both financial and non-financial applications. Its unique consensus algorithm ensures faster transaction confirmation, and its adoption of ISO 20022 aims to improve compatibility with traditional financial systems.
• IOTA (MIOTA): IOTA is an open-source distributed ledger tailored for the Internet of Things (IoT) ecosystem. It uses a directed acyclic graph architecture called Tangle to achieve scalable and secure transactions. Adopting ISO 20022 helps IOTA integrate seamlessly with the broader IoT infrastructure.
• Hedera Hashgraph (HBAR): Hedera Hashgraph is a decentralized public network that aims to provide a secure and fair online ecosystem. Its compliance with ISO 20022 enhances its interoperability with existing financial systems.
• XDC Network (XDC): XDC Network is an enterprise-ready hybrid blockchain solution that combines the features of public and private blockchains. Its alignment with ISO 20022 facilitates integration with traditional financial institutions.
By adopting ISO 20022, these cryptocurrencies aim to facilitate smoother communication and integration with traditional financial systems, promoting wider acceptance and technological integration.
