Ripple, despite its ongoing lawsuit with the SEC, has announced its plans to launch a stablecoin that will compete with Tether and CENTER. The company aims to achieve a market capitalization of a staggering $3 trillion by 2028.
Although the price of XRP has experienced a decline, there is optimism that Ripple’s new stablecoin will drive both XRP and the CTF token to unprecedented heights.
For the past four years, Ripple has been entangled in a legal battle with the SEC, which has had a detrimental impact on the growth and innovation potential of the company, particularly affecting the value of XRP.
According to the latest data from CoinMarketCap, the current price of XRP stands at $0.5159, showing a decrease of 1.06% in the last 24 hours and a marginal decline of 0.54% in the past week.
To overcome the limitations imposed by its legal disputes, Ripple recently announced its strategic decision to launch a stablecoin tied to the US dollar. This move is seen as a direct competition against market leaders like Tether and CENTER, a partnership between Coinbase and Circle.
Ripple’s CEO, Brad Garlinghouse, stated that the stablecoin is designed to protect holders from the risks of de-pegging incidents, which have previously resulted in significant losses for stablecoin users.
However, the SEC, viewing the impending stablecoin as an unregistered securities offering, similar to XRP, has opposed Ripple’s plans. The regulatory authority maintains its strict stance, arguing that Ripple has largely sold unregistered securities since 2013.
Despite the legal challenges, investors are becoming more optimistic due to Ripple’s ambitious goal of reaching a valuation of $3 trillion for their stablecoin by 2028, as reported by CNF. Notably, XRP proponent Brett Hill has predicted that the price of XRP could soar to $62.75 if this target is achieved.
Additionally, if the CTF token, the top defi token on the XRPL, manages to capture just $10 billion from the expected inflows into XRPL, it is anticipated to experience a significant surge, potentially rising from $0.95 to $374.25 per token.
In a previous report by Crypto News Flash, pro-XRP lawyer MetaLawMan hinted that Judge Torres could overturn the SEC’s $2 billion penalty against Brad Garlinghouse’s Ripple.
In other news, Ripple enthusiasts can refer to the Buy Ripple (XRP) Guide and Ripple XRP Wallet Tutorial for more information. They can also check the 24-hour XRP price and find additional Ripple (XRP) news. Lastly, for those unfamiliar, Ripple (XRP) is a digital currency that facilitates fast and low-cost international money transfers.