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XRP Ledger Ready to Adopt Tokenized Gold, Silver in Q3, 2024

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Sat, 8/06/2024 - 16:02
XRP Ledger Ready to Adopt Tokenized Gold, Silver in Q3, 2024
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GOLD and SILVER assets will represent 1 gram each of the precious metals and will be fully redeemable for Gold bullion and Silver bullion, respectively. Community is expecting more Gold-backed stablecoins to be released on XRP Ledger's rails.

Meld Gold teams up with Ripple, launches Gold and Silver tokens on XRPL in Q3

Tokenization innovators Meld Gold partnered with Ripple, a U.S. fintech decacorn. As a result of the partnership, Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold and Silver, respectively. Each token will represent 1g of the precious metal held by leading custody providers MKS Pamp and Imperial Vaults, an official statement says.

Meld Gold’s initial integration will deliver fungible Gold and Silver assets on XRPL in Q3, 2024. As of now, the company maintains similar digital assets on Algorand (ALGO), another programmable L1.

Also, Meld Gold expects its own pioneering solution at the intersection between alternative physical assets and blockchain technology spheres in 2025.

Michael Cotton, Meld Gold CEO, stressed the importance of this release for the entire ecosystem of tokenization protocols on XRPL and the Web3 sphere as a whole:

Our team of industry experts has deep experience in every component of the supply chain, from origination, certification, and logistics, to storage and insurance. Our passion for disrupting and advancing digital ownership is ideal for the coming RWA revolution. This is the industry, delivering the systems only they could design, to bring the physical world on-chain

As announced by Ripple's president Monica Long, the company is witnessing an increased demand for RWA solutions from its B2B customers.

Related

Long added that Ripple is exploring various opportunities for tokenization on XRPL, as U.Today covered previously.

More RWAs opportunities for DeFi ecosystem of XRPL

Meld Gold's representatives highlighted that the integration with XRPL was focused on helping in growing the XRPL DeFi ecosystem, offering the world’s most accepted and largest-cap assets on-chain.

By on-ramping essential liquidity, new and existing users can capitalize on XRPL’s native features, including the DEX, AMM, payment systems and the upcoming EVM side and money market.

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As U.Today previously reported, Ripple's CTO David Schwartz indicated the tokenized commodities sphere as a powerful catalyst for RWAs adoption on XRP Ledger and its ecosystem of dApps.

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