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In exciting news for the cryptocurrency community, fintech giant Ripple will issue its USD-backed stablecoin, which is intended to expand utility and liquidity to XRP Ledger. This move is historic for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.
In this light, Ripple CEO Brad Garlinghouse took to X to express his excitement about the landmark move. "Launching a stablecoin is a natural step for Ripple as we bridge the gap between traditional finance and crypto," Garlinghouse wrote, lauding Ripple's track record and resiliency, which speak for themselves.
The same excitement was expressed by Ripple CTO David Schwartz, who stated that the move would be a game-changer for XRP Ledger users and developers.
"A high-quality USD stablecoin on the XRPL – with its decentralized exchange and features like issued currencies, auto-bridging (that uses XRP as the native currency to facilitate trades between other assets), and the AMM — will be a gamechanger for users and devs," Schwartz wrote.
At its debut, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with ambitions to expand to more blockchains, DeFi protocols and apps in the future.
Tomiwabold OlajideThe XRP Ledger’s native capabilities, which include a decentralized exchange and an automated market maker, were designed to use XRP as a bridge asset. Introducing a stablecoin to XRPL is expected to drive more adoption and development, contributing to a thriving ecosystem.
The XRP price surged after news emerged on the Ripple-owned stablecoin, which is expected to be available later this year, albeit subject to applicable regulatory approval.
Following the news, XRP surged by 8% in an hour. At the time of writing, XRP was up 2.50% in the last 24 hours to $0.606, having reached intraday highs of $0.617.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov