Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Malam90 on January 22, 2021, 01:59:51 PM
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The firm has tentatively explored price-pegged cryptocurrencies.
Ripple's XRP token is under legal scrutiny, raising the question of complentary strategies.
Ripple has expressed interest in bank stablecoins and CBDCs.
Though Ripple can support third-party stablecoins, the firm is unlikely to issue a Tether-like coin for general circulation.
As Ripple faces a lawsuit from the U.S. Securities and Exchange Commission and mass delistings from various exchanges, some may wonder if a complementary business plan is viable.
One option is for the firm to shift its focus toward stablecoins and central bank digital currencies (CBDCs) as XRP faces scrutiny.
Ripple Seems Interested In CBDCs
Ripple has expressed past interest in CBDCs. In August 2020, Emi Yoshikawa, Senior Director of Global Operations at Ripple, stated that XRP “is not competing with stablecoins” or CBDCs. She added that XRP is complementary to stablecoins and can assist with settlement.
Later, in November, Ripple CEO Brad Garlinghouse acknowledged that a number of central banks are examining XRP Ledger “as open-source technology to issue stablecoins.” He noted that although Ripple was not directly involved in those activities, the firm was “trying to be helpful” to those banks.
Related to both of these statements, Ripple reasserted this January that it aims to provide a neutral bridge asset for CBDCs such as China’s upcoming digital yuan.
However, these plans largely depend on XRP as a bridge currency, meaning that this strategy is unlikely to displace XRP itself.
Banks Can Already Issue XRPL Stablecoins
It is already possible for banks to issue their own custom stablecoins on XRP Ledger, as explained by Ripple CTO David Schwartz earlier this month. According to Schwartz, banks simply need to connect to a node and deposit their own financial backing to do so.
Schwartz acknowledges that the Office of the Comptroller of Currency (OCC) granted U.S. banks permission to contribute to stablecoin networks. That means that Ripple is in a better position than ever to encourage banks to issue new tokens on XRP Ledger.
Previously, Schwartz also suggested that an XRP-backed stablecoin is possible. The proposed system would allow anyone to deposit XRP and create a stablecoin of their own.
However, once again, Ripple has little hand in any third parties that decide to issue their own stablecoin.
Tether Alternative Is Unlikely
It is clear that Ripple does not intend to issue its own stablecoin into general circulation, and it is extremely unlikely that the firm will introduce a coin comparable to Tether (USDT), DAI, or USDC.
It is much more plausible that a private bank or central bank will build a stablecoin on XRP Ledger, a decision that would be similar to Ukraine’s plans to build a stablecoin on Stellar. However, that sort of development will not necessarily generate lasting attention for Ripple if the firm does not pursue the relationship.
In light of those facts, Ripple will most likely continue to focus on settlement in general rather than stablecoins in particular, even as the legal status of XRP is scrutinized in court. News source (https://cryptobriefing.com/will-ripple-ever-issue-a-stablecoin/)
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In my own opinion, if Ripple is to become a stable coin it will be very difficult and difficult to realize.
Ripple has spread throughout the cryptocurrency market and if you want to stabilize the price all Ripple coins should be centralized.
Due to my experience Ripple is 70% owned by the #DevelopmentTeam and 30% distributed to traders and investors. So I don't think Ripple will ever be a stable coin.
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a matter of time what happens to Ripple will be a lesson for all cryptocurrency assets if Ripple falls and is forced to lose for trading or investing it will make the scramble for new top coins heats up for the top ranking of coinmarketcap and it will definitely make a lot of trades going much tighter ripple than it used to be the price has never stabilized.
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In my own opinion, if Ripple is to become a stable coin it will be very difficult and difficult to realize.
Ripple has spread throughout the cryptocurrency market and if you want to stabilize the price all Ripple coins should be centralized.
Due to my experience Ripple is 70% owned by the #DevelopmentTeam and 30% distributed to traders and investors. So I don't think Ripple will ever be a stable coin.
To issue their stablecoin, the Ripple Labs team can use ripple as collateral for their stablecoin. However, I don't see much sense in this.
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Perhaps the ripple today has a lot of problems, including lawsuits, which are currently pending. At the very least, creating a stablecoin that is supported by Ripple can be a very bad idea.
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According to Schwartz, banks simply need to connect to a node and deposit their own financial backing to do so.
I think the statement by Ripple CTO David Schwartz is very implausible because it has a much broader meaning.
Just look at now how strong the security of Ripple is and this is proof that Ripple will not be easy to simply connect nodes to the Bank from Ripple's finance that has spread throughout the cryptocurrency market.
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Perhaps the ripple today has a lot of problems, including lawsuits, which are currently pending. At the very least, creating a stablecoin that is supported by Ripple can be a very bad idea.
It is better for Ripple Labs to pay more attention to its XRP coin, which already has a good reputation, rather than looking for something else to make money. A lot of stable coins have already appeared, and soon the digitized currencies of the central banks of states will appear in large quantities. It looks like the population of every country where a national stablecoin is issued will trust it more than a private stablecoin. So I don't think this is a good idea.
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In my own opinion, if Ripple is to become a stable coin it will be very difficult and difficult to realize.
Ripple has spread throughout the cryptocurrency market and if you want to stabilize the price all Ripple coins should be centralized.
Due to my experience Ripple is 70% owned by the #DevelopmentTeam and 30% distributed to traders and investors. So I don't think Ripple will ever be a stable coin.
To issue their stablecoin, the Ripple Labs team can use ripple as collateral for their stablecoin. However, I don't see much sense in this.
Yea, i also think XRP never be a stable coin as they has self stem. But if other banks and organization take decision for XRP as their stable coin and XRP team can make mutual conversation so that both may be gainer. Otherwise XRP should go for their own way.
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Perhaps the ripple today has a lot of problems, including lawsuits, which are currently pending. At the very least, creating a stablecoin that is supported by Ripple can be a very bad idea.
Yes you are right i agree with you but if they try to stable coin then they can be do very good perform cause lots of investor invest ripple but now a day investor choose new new stable coin.
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If you look at the history of the Ripple coin, it really makes us nervous or makes us unsure if Ripple will become a stable coin.
We must know the character of Jedd McCalleb, the founder of the Ripple coin, who every month always sells RIpple coins in the market with a very large nominal.
It is also possible that if Ripple wants to be a stable coin, then Jedd McCalleb should have created only stable coins because Ripple's principle is a strange unstable coin.
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I Think It Is Not Possible Right Now. Ripple Has Been created His Own Market. Which Never Walk together with Stable coin. It has Many Procedure which different from stable coin. So I Think Ripple Never will Issue as a Stable Coin.