Ripple Announces Stablecoin On XRP Ledger And Ethereum
Portfolio Pulse from Murtuza Merchant
Ripple announced the launch of a U.S. dollar-pegged stablecoin on the XRP Ledger and Ethereum, aiming to compete with Tether and Circle in the $150 billion stablecoin market. The stablecoin is backed by U.S. dollar deposits, short-term U.S. government treasuries, and cash equivalents, with plans for third-party audits and monthly attestations for transparency. This move is seen as a strategic step for Ripple and is expected to enhance liquidity and opportunities for the XRP Ledger community.
April 04, 2024 | 2:54 pm
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POSITIVE IMPACT
Ripple's stablecoin being accessible on Ethereum may foster new use cases and integrations within the Ethereum ecosystem, potentially influencing ETH's value.
By making the stablecoin available on Ethereum, Ripple is tapping into Ethereum's extensive DeFi ecosystem. This could lead to new applications and increased demand for ETH as a platform for development and investment.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ripple's launch of a U.S. dollar-pegged stablecoin could increase the utility and demand for XRP, potentially boosting its value.
The introduction of a stablecoin directly on the XRP Ledger is likely to enhance the ledger's use cases and liquidity, which could lead to increased demand for XRP. This is particularly significant as it positions Ripple against major players in the stablecoin market.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90