Ripple Stablecoin Could Be Announced Within a Month at XRPL Apex Event in Amsterdam

Ripple, an influential company in the fintech sector, is generating great interest with the announcement of advances in the creation of its stablecoin, a move that promises to significantly impact the XRP Ledger ecosystem. During the recent XRP Las Vegas conference, Ripple’s CTO, David Schwartz, discussed several news related to the XRP Ledger, such as AMM, a lending protocol, and the company’s future stablecoin, in addition to touching on topics such as AI and cryptography.

At the time, Schwartz detailed that new information about the stablecoin will be presented at the XRPL Apex event, to be held in Amsterdam from June 11th to 13th. It is expected that more details about the stablecoin’s structure and functionalities will be revealed, increasing anticipation among investors and cryptocurrency enthusiasts.

Although full details about the stablecoin have not been released, the mention of its development is enough to stir the market. According to Schwartz, Ripple’s stablecoin will be ideal for institutions looking to adopt the XRP Ledger but still hesitant to use digital assets directly. The proposal is for the stablecoin to be 100% backed by US dollar deposits, short-term US Treasury bonds and other cash equivalents.

Infos about @Ripple‘s stablecoin is expected to be announced in a month at the XRPL Apex event in Amsterdam – @JoelKatz 🔥
pic.twitter.com/wuuhKJ8ot9

— Jim_Knox (@JimKnox123) May 4, 2024

This approach is seen as a major step forward in facilitating the use of cryptocurrencies in traditional financial transactions, where the volatility of digital assets can be a deterrent. Vet, an XRPL dUNL validator, highlighted the stablecoin’s vast potential, citing the XLS-68D specification that points to diverse use cases.

At the time of publication, the price of XRP was quoted at US$0.5317 with a drop of 0.5% in the last 24 hours.

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