Stablecoin

Multichain

United

Impact

<p>The post <a href="https://coinpedia.org/news/breaking-ripple-announces-a-multichain-fiat-backed-stablecoin-to-improve-xrps-liquidity/" rel="noopener noreferrer nofollow">Breaking: Ripple Announces a Multichain Fiat-backed Stablecoin to Improve XRP’s Liquidity&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ripple Labs, a leading real-time gross settlement company leveraging blockchain technology, has announced plans to launch a multichain stablecoin, which is pegged to the United States dollar at a ratio of 1:1. According to the announcement, the Ripple-backed stablecoin will be first be issued on the XRP Ledger using the XRPL native functionality and on the Ethereum network through an ERC-20 token standard.</p>
<p>Shortly, Ripple intends to expand to other blockchains, DeFi protocols, and applications to reach more users seamlessly.&nbsp;</p>
<h2 class="wp-block-heading" id="h-what-ripple-s-new-stablecoin-mean">What Ripple’s New Stablecoin Mean</h2>
<p>Ripple has grown to a major web3 company through strategic acquisitions in the past few years, despite the notable headwinds from the ongoing lawsuit filed by the U.S. SEC. The launch of a fiat-backed stablecoin will solidify Ripple’s reputation as a powerhouse for interlinking traditional financial institutions and web3 space.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“Institutions entering this space are finding success by partnering with compliant, crypto-native players, and Ripple’s track record and resiliency speak for itself as we launch new products and acquire companies through multiple market cycles,” Brad Garlinghouse, Ripple’s CEO, <a href="https://ripple.com/insights/Championing-Blockchain-and-Crypto-Utility-with-Ripples-USD-backed-Stablecoin/" rel="noopener noreferrer nofollow">noted</a>.&nbsp;</p>
</blockquote>
<p>The new Ripple-backed stablecoin comes after the XRPL network adopted a native Automated Market Maker (AMM) to improve XRP’s liquidity. With the XRPL network already having a built-in DEX, the introduction of a reputable stablecoin will enhance the adoption of the company’s payment products.</p>
<h2 class="wp-block-heading" id="h-impact-on-xrp-price-action">Impact on XRP Price Action</h2>
<p>Following the announcement, which caught the attention of the entire crypto community, XRP price surged as much as 61 cents on Thursday during the early New York season.&nbsp;</p>
<p>The large-cap altcoin, with a fully diluted valuation of about $60 billion, is on the cusp of a major bullish uproar. From a technical standpoint, XRP price against the US dollar is retesting the bullish breakout from a macro-falling logarithmic trend.</p>

Breaking: Ripple Announces a Multichain Fiat-backed Stablecoin to Improve XRP’s Liquidity

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