Ripple Expresses Confidence in its Ability To Launch Its Stablecoin

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Reece Merrick, Ripple Middle East and Africa Managing Director expressed confidence in the company’s plans to create and launch its stablecoin. In a recent interview, Merrick outlined several reasons for this optimism.

Ripple to Launch Its Stablecoin Soon

He emphasized Ripple’s robust technological infrastructure and its established reputation in the financial technology sector. Ripple has long been recognized for its innovative solutions in cross-border payments, leveraging blockchain technology to provide fast, secure, and cost-effective transactions. On this foundation, Ripple believes there is an important need for a regulated USD-backed stablecoin to set up in the market.

Furthermore, Ripple President Monica Long mentioned that Ripple decided to enter this market due to clients’ requests, and diverse financial institutions looking to utilize blockchain for improved international payments with a secure US dollar.

Merrick pointed out the strategic importance of launching a stablecoin that could be integrated into Ripple’s existing ecosystem. By creating a stablecoin, Ripple aims to enhance the liquidity and efficiency of its payment network, offering users a reliable and stable medium of exchange. 

Ripple and Palau Perform Stablecoin Experiment

Recall that in August 2023, TheCoinRise reported that the blockchain company and the Republic of Palau embarked on a controlled stablecoin experiment, utilizing the secure and efficient XRP Ledger (XRPL). 

In the controlled stablecoin experiment, Ripple and the Republic of Palau developed and tested a stablecoin backed by the US dollar. The stablecoin known as the Palau Stablecoin (PSC), is designed to mirror the value of the US dollar, providing stability and predictability to users while capitalizing on the efficiency and security of blockchain technology.

Ripple CEO Stance on Crypto ETF

At the end of last month, Ripple CEO, Brad Garlinghouse made a bold prediction at the Consensus 2024 conference that the United States Securities and Exchange Commission (SEC) will approve exchange-traded funds (ETFs) for Ripple (XRP), Solana (SOL), and Cardano (ADA) soon.

Garlinghouse prediction of other cryptocurrencies following suit with their ETFs underscores the maturation of the market and the growing acceptance of digital assets in mainstream finance. He argues that the SEC is more likely to recognize the benefits of diversified crypto investment vehicles like ETFs, as the cryptocurrency market matures. Meanwhile, this prediction comes a few days after the SEC greenlighted Spot Ethereum (ETH) ETF approval.

Also, Monica Long expressed enthusiasm towards the prospect of an XRP ETF, given that XRP has regulatory clarity in the United States. An ETF for XRP would provide investors with a regulated and accessible avenue to gain exposure to the digital asset, further legitimizing its place in traditional financial circles.

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