Ripple is preparing to release a stablecoin pegged to the U.S. dollar, which will work alongside XRP to enhance its utility and value.
The combination of this stablecoin with XRP could potentially drive its value to $1, as it will offer improved functionality and broader market access.
While the community eagerly awaits the expected launch of an XRP ETF, as previously confirmed by Ripple President Monica Long in a CNF post, there is exciting news on the horizon. Long has announced Ripple’s groundbreaking stablecoin strategy, which is poised to transform the cryptocurrency landscape.
Blockchain researcher and crypto enthusiast Collin Bowns shared this momentous announcement in a recent tweet. According to him, President Monica Long of Ripple has unveiled their highly anticipated stablecoin, which is set to revolutionize the crypto scene. Exciting News: President Monica Long Reveals #Ripple’s Game-Changing Stablecoin Strategy! In a groundbreaking announcement, President Monica Long of Ripple has just unveiled their highly anticipated stablecoin, set to revolutionize the crypto landscape! According… pic.twitter.com/ndZGxA4CdB — Collin Brown (@CollinBrownXRP) June 25, 2024
According to Long in an interview with CNBC on Ripple and the crypto market outlook, this innovative stablecoin will not only coexist with XRP but will also “complement” it, creating a powerful synergy that will elevate both assets to new heights.
As XRP is expected to maintain its critical role even with the introduction of a stablecoin, it is envisioned as a bridge asset for currency pairs and for facilitating liquidity between different types of assets, especially in tokenization scenarios.
Meanwhile, following a CNF update, Ripple’s Middle East and Africa Director has confirmed their readiness to launch the stablecoin, which has led to a slight increase in the price of XRP. At the time of writing, Ripple (XRP) is trading at $0.4751 with a modest increase of 0.30% in the past day, despite a 3.17% weekly decrease. See XRP’s price chart performance below.
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