One of the ways to transfer value on the XRP ledger is through IOUs. When you transfer USD, BTC, EUR and ETH* on XRP Ledger, what you are actually doing is asking Qovex to issue you an IOU in exchange for the real BTC/USD/EUR/ETH*. At some future point, you or someone you have traded with who is in possession of the IOUs, can send them back to Qovex (if they have a Qovex account), where they will be exchanged for real BTC/USD/EUR/ETH*.

Since XRP Ledger is a distributed network and does not depend on a single company to manage the transaction database, there is no need to wait on multiple confirmations. Consequently, transaction confirmations usually go through the network quickly.

*IOU supported globally except in the US and Singapore. ETH-IOU is also unsupported in UK