Stablecoin

Long

DeFi

Ripple, a major player in blockchain and cryptocurrency solutions for businesses, has recently disclosed its plan to introduce a stablecoin pegged directly to the US dollar (USD). This stablecoin will maintain a 1:1 value ratio with the USD and will be fully supported by a reserve of US dollars, including short-term US government treasuries and similar liquid assets.&nbsp; Ripple’s stablecoin latest update 
The current market capitalization of the stablecoin market is somewhere around $150 billion, and experts expect that it could skyrocket to $2.8 trillion by 2028. Recognizing this huge demand for stablecoins that offer reliability and practicality, <a href="https://news.todayq.com/ripple-clo-calls-out-secs-gross-abuse-of-power/" rel="noopener noreferrer nofollow">Ripple </a>aims to address the market needs by leveraging its extensive experience in developing financial solutions for institutions globally.
Brad Garlinghouse, theCEO of Ripple, said, “This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto.” He also pointed out that partnering with compliant, crypto-focused entities has proven successful for institutions entering the crypto space. Garlinghouse also highlighted the potential benefits for the XRP Ledger community, anticipating increased adoption, liquidity, and opportunities for developers and users. 
Besides all these, Brad highlights a few points that show Ripple’s expertise, such as years of experience, a regulatory footprint, a strong balance sheet, and a network with near-global payout coverage, to offer the best of the crypto-enabled payment using XRP and our stablecoin together.&nbsp;
Upon its launch, the stablecoin will be accessible on both the XRP Ledger (XRPL) and Ethereum (ETH) blockchains. Ripple plans to expand its availability to additional blockchains and decentralized finance (DeFi) platforms in the future.
While Ripple’s precedent Monica Long also stated, “Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems.”&nbsp; XRP price soars 3% following Ripple’s recent stablecoin update 
However, following this Stablecoin update, Ripple’s XRP experienced massive upside momentum of over 3% and also made an intraday high of $0.61.&nbsp;
But currently, XRP is trading near $0.59, and in the last 24 hours, it experienced an upside momentum of over 2.5%. If we look at the performance of XRP over a longer period, in the last 7 days XRP price experienced a downside momentum of over 4%, whereas, in the last 30 days, its price dropped by over 8%.

Ripple’s stablecoin soon to enter crypto market, XRP to blast?

Todayq News

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