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Learning & News => News related to Crypto => Topic started by: sirty143 on April 06, 2024, 07:35:51 AM

Title: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: sirty143 on April 06, 2024, 07:35:51 AM
Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereum Ecosystems

Blockchain solutions company Ripple has unveiled its strategy to launch a stablecoin pegged to the U.S. dollar, aiming to boost liquidity on the XRP Ledger. See more for yourself here (https://news.bitcoin.com/ripple-plans-to-launch-usd-pegged-stablecoin-expanding-token-to-xrp-and-ethereum-ecosystems/).

Your opinion is greatly appreciated.
Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: Zed0X on April 06, 2024, 11:26:16 AM
Quote
Ripple’s stablecoin will be 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations. (https://ripple.com/ripple-press/ripple-to-issue-usd-backed-stablecoin-bringing-more-utility-and-liquidity-to-xrp-ledger/)
At least they are already open about that.

Launching on Ethereum is just a business move to get a potion of the liquidity there.

Stable coin on the XRP Ledger could be a better alternative for transferring assets because, as we already know, it's cheap and fast but do not expect it to be decentralized. It will be similar with USDT.

Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: Z-tight on April 06, 2024, 12:47:10 PM
Another stablecoin, in my honest opinion i don't care about the xrp network or their liquidity, but my problem with stablecoins is if they are actually backed 1:1 and not just printed out of thin air like many fiat currencies, even if they will post audits regularly, i don't trust it. However, this stablecoin is going to face a lot of competition from already established stablecoins like usdt, usdc and dai, just as Paypal found out when they launched their own stablecoin.
Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: Aanuoluwatofunmi on April 06, 2024, 01:57:12 PM
I don't know if there is any other stablecoin launched already or to be launched that can make performance as the one we already have which is USDT, this is not like i don't trust the way ripple could deliver neither does it appears as if i have no confidence in them, but there is more to expect in seeing that a particular currency turns to a mainstream, just as the way USDT has been so popular and famous.
Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: Z-tight on April 06, 2024, 05:15:56 PM
Quote from: Aanuoluwatofunmi on April 06, 2024, 01:57:12 PM
but there is more to expect in seeing that a particular currency turns to a mainstream, just as the way USDT has been so popular and famous.
Usdt is more popular and used by most people who use stablecoins, but it does not mean they should even trust usdt, because i don't. There are surely a lot of usdt coins in the market that are backed by thin air, so many of them printed for manipulation or to temporarily 'save' a collapsing institutio. I would not store usdt or any stablecoin for the long term.
Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: ABCbits on April 08, 2024, 01:35:15 PM
I must say that there are so many USD based stablecoin out there. And just like most people, i probably would just USDT (in limited amount) even though some Tether's shady history.
Title: Re: Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereu
Post by: joniboini on April 08, 2024, 03:26:30 PM
How would this move enhance XRP's liquidity? Is he referring to cash or capital available off-chain for acquiring companies, complying with regulations, and so on? Wouldn't that mean the token is not fully backed if the reserve is used for something else? I guess their target is long-term benefits if they secure a decent market that uses their stablecoins regularly. Still, whether people like their stable coins or not depends on how transparent or useful they are. If it is limited to the XRP/ETH and requires strict KYC to use, it will struggle to become mainstream IMO.