Solana

David

Impact

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 <p class="paragraph">Amid the ongoing legal dispute with the Securities and Exchange Commission (SEC), Ripple is intensifying its focus on its cryptocurrency portfolio by announcing plans to launch a stablecoin.</p>
 <p class="paragraph">The stablecoin, scheduled for release later in 2024, will be supported by U.S. dollar deposits, short-term U.S. government Treasuries, and other cash equivalents, <em>CoinDesk</em> reported on April 4.</p>
 <p class="paragraph">According to the company, it aims to initially deploy the stablecoin on both the XRP Ledger and the Ethereum (ETH) blockchain, leveraging Ethereum’s ERC-20 token standard. The token would primarily target enterprise customers and banking institutions.</p>
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  <p class="paragraph">“What we think is going to be our differentiator is going to be the fact that the assets are going to be in dollars, Treasuries – rock solid. We’re not trying to juice the last couple of decimal points out of this. We’re looking to conquer the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> and be in it for the long term,” said Ripple CTO David Schwartz.&nbsp;</p>
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 <p class="paragraph">Furthermore, Schwartz stressed that transparency, a historical point of contention for <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> issuers, would be a primary focus for Ripple as it introduces its new token.</p>
 <p class="paragraph">Given Ripple’s current entanglement in a legal dispute with the SEC, the company acknowledged that part of its rationale for its actions was opportunistic, recognizing the growing <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> landscape. Indeed, Ripple’s <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> will face competition from established players like Tether’s USDT and Circle’s USDC.</p>
 <h2 class="wp-block-heading" id="h-impact-on-ripple-and-xrp-nbsp">Impact on Ripple and XRP&nbsp;</h2>
 <p class="paragraph">Schwartz suggested introducing the new stablecoin, which could revamp the decentralized finance (DeFi) ecosystem of the XRP Ledger. Despite having a decentralized exchange (DEX), the ledger’s usage remains relatively subdued compared to other chains.</p>
 <p class="paragraph">Attention will also be drawn to how the <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> might impact other Ripple products, particularly the platform’s native XRP token. Despite a court ruling declaring XRP not a security, its price has remained stagnant, with some attributing this to the ongoing legal case.</p>
 <p class="paragraph">It is worth noting that the potential rollout of a Ripple stablecoin could positively impact XRP by increasing its utility and liquidity and potentially bolstering market confidence.</p>
 <p class="paragraph">In the meantime, by press time, XRP was trading at $0.59, having experienced a nearly 3% increase in the last 24 hours. The asset’s weekly chart indicates consolidation, with a slight decrease of above 3% over the past seven days.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-enters-stablecoin-market-will-it-unlock-xrp-tbt84460.html">https://thebittimes.com/ripple-enters-stablecoin-market-will-it-unlock-xrp-tbt84460.html</a></p>

Ripple enters stablecoin market; Will it unlock XRP?

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