Circle CEO praises Ripple for launching own stablecoin on XRP

Circle CEO praises Ripple for launching own stablecoin on XRP
фото показано с : cryptoslate.com

2024-4-4 18:29

Jeremy Allaire, the CEO of stablecoin issuer Circle, has welcomed Ripple’s entrance into the market.

Earlier today, crypto firm Ripple revealed plans to launch a stablecoin that would be 100% backed by US dollar deposits, government bonds, and cash equivalents.

In response, Allaire said it was “encouraging to see more companies taking a compliance-first approach to building on-chain dollars.”

Circle is the issuer of USD Coin (USDC), the second-largest stablecoin by market capitalization. The firm’s asset is enjoying a renaissance, emerging as the best-performing among major stablecoins during the year’s first quarter.

Meanwhile, Tether’s USDT remains the dominant stablecoin, controlling roughly 70% of the market, with its $104 billion capitalization.

Why Ripple wants to issue a stablecoin

Ripple said it would launch a dollar-pegged stablecoin on XRP Ledger and Ethereum later this year.

According to the firm, the sector is expected to soar past $2.8 trillion by 2028, which means a clear demand for such assets. It said:

“Stablecoins serve as a pivotal entry point to DeFi, and introducing a trusted, enterprise-grade stablecoin to the XRPLedger will generate more use cases, liquidity, and opportunities for developers and users alike.”

The crypto company furthered that its yet-to-be-named stablecoin would be pivotal in extending its reach into institutional and DeFi realms, diversifying use cases, and enhancing payments infrastructure.

Brad Garlinghouse, Ripple’s CEO, described the move as a natural step for the company, considering its track record in the crypto industry. He added that the move would also help to drive XRPL use cases, liquidity, and other opportunities for developers and users.

Similarly, Monica Long, Ripple’s President, remarked:

“Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems.”

Following the news, XRP bucked its current downward trend to jump by more than 4%. The digital asset’s price spiked to $0.61 before retracing to $0.5978 as of press time, according to CryptoSlate’s data.

The post Circle CEO praises Ripple for launching own stablecoin on XRP appeared first on CryptoSlate.

origin »

Ripple (XRP) на Currencies.ru

$ 2.5604 (-1.88%)
Объем 24H $4.727b
Изменеия 24h: -4.24 %, 7d: 1.49 %
Cегодня L: $2.5604 - H: $2.6794
Капитализация $148.039b Rank 3
Цена в час новости $ 0.6021 (325.24%)

ripple stablecoin circle ceo 100 revealed plans

ripple stablecoin → Результатов: 102


XRP Price Pumps Amid Ongoing Developments Around Ripple

One of the big news yesterday was Bitcoin reaching a new all-time high of over $107,000. Equally significant was Ripple’s announcement of launching their stablecoin RLUSD today. Ripple Labs is prioritizing transparency with its new stablecoin by engaging an independent auditing firm to generate and publicly release monthly reports on RLUSD reserve assets.

2024-12-17 11:30


Ripple CEO Announces Approval For RLUSD Stablecoin By New York Regulators

On Tuesday, Ripple CEO Brad Garlinghouse revealed that the New York State Department of Financial Services (NYSDFS) has granted final approval for the firm’s inaugural stablecoin, RLUSD. Ripple Set To Enter Stablecoin Market  With the release of RLUSD, Ripple hopes to provide a reliable option for clients interested in digital currencies while limiting the volatility […]

2024-12-11 08:30


Власти Палау досрочно свернули проект запуска государственных стейблкоинов

Правительство островного государства Палау заявило о досрочном завершении пилотной программы Palau Stablecoin (PSC) и прекращении оборота стейблкоинов на базе Ripple (XRP).

2023-9-8 19:41


Ripple’s CTO Weighs In: Is PayPal’s New Stablecoin Safe Or A Centralization Nightmare?

In the fast-paced domain of cryptocurrencies, industry giants are constantly seeking ways to advance and adapt. San Jose-based payment platform, PayPal, has been no exception to this trend. The company’s recent introduction of its own stablecoin, PayPal USD (PYUSD), signals a landmark move in its journey within the cryptocurrency sector. The launch, however, was quickly […]

2023-8-8 21:00


Власти Палау и компания Ripple тестируют государственный стейблкоин PSC

Островное государство Палау и компания Ripple запустили пилотный проект по тестированию стейблкоина Palau’s Stablecoin (PSC), привязанного к доллару США в соотношении 1:1.

2023-7-29 10:51


Republic Of Palau And Ripple Labs Mint First Stablecoin (PSC)

In a significant development, the Republic of Palau has collaborated with Ripple Labs to mint its inaugural stablecoin, the Palau Stablecoin (PSC). Jay Hunter Anson, Director of Palau’s Digital Residency Program and member of Palau’s Ministry of Finance, shared the news on Twitter, shedding light on the partnership between the Palau National Treasury and Ripple […]

2023-7-25 12:20