3:00 p.m. ▪
4
min reading ▪ by
Fenelon L.
Ripple, the blockchain company behind the crypto XRP, will enter the world of stable coins this year. According to its president Monica Long, the cross-border payments giant plans to issue its own digital token backed by the US dollar by the end of 2024.
Ripple could enter the stablecoin market as early as this year
According to statements by Monica Long, the president of Ripple, the blockchain company plans to issue its own stablecoin backed by the US dollar before the end of 2024. This foray into the stablecoin sector will allow Ripple to considerably diversify its offering in the face of to increasing competition.
In a recent interview with CNBC, Long made it clear that the XRP issuer is currently working on all aspects necessary to bring its own stablecoin to market by the end of the year, notably citing the strands of regulatory compliance and institutional partnerships.
“ We work on everything you need to do to bring a product like this to market“, she said.
The executive believes that there is a real appetite today for this type of crypto asset, facilitating simplified access to US dollars while making instant cross-border payments possible thanks to blockchain technology.
According to some projections, this market could reach a cumulative market capitalization of more than $3,000 billion within 5 years, driven by growing interest from institutional investors.
The XRP crypto will retain a key role!
Although optimistic about the prospects of her future stablecoin, Monica Long wanted to reassure about the future of XRP, Ripple’s native crypto. Indeed, this token is expected to maintain a pivotal role as a bridging asset facilitating exchanges between traditional fiat currencies and tokens representing real assets.
As the president noted: “ Even after the launch of our stablecoin, XRP will remain indispensable as a liquid bridge asset. »
Furthermore, during this same interview with CNBC, Long welcomed the growing appetite of institutional investors for crypto assets. An interest fueled both by the recent launches of ETFs linked to Bitcoin and by the growing tokenization of classic financial assets.
CEO Brad Garlinghouse had previously described a future XRP spot ETF as inevitable, deeming it logical to approve various altcoin ETFs in order to meet the demand for diversified investment baskets.
Thus, Ripple seems determined to remain a key player in the complementary areas of cross-border payments and decentralized finance. The upcoming arrival of a stablecoin will further expand its range of services dedicated to international transactions.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
