On Thursday, Ripple launched a platform that would enable central banks, governments, and financial institutions to issue their own central bank digital currency (CBDC).

The platform, called Ripple CBDC Platform, would provide customers with ledger technology and allow issuers to manage both wholesale and retail CBDCs.

Eleven countries have already launched a CBDC, and 114 countries are currently exploring the possibility of issuing one. While some US government leaders have expressed opposition to CBDCs, advocates argue that they can improve financial services for citizens.