Ripple, the company behind the XRP cryptocurrency, is set to enter the stablecoin market this year. Monica Long, the president of Ripple, announced that the company plans to launch its own stablecoin backed by the US dollar by the end of 2024.
In an interview with CNBC, Long revealed that Ripple is working on all the necessary aspects to bring its stable token to market, including regulatory compliance and institutional partnerships. She highlighted the growing demand for stablecoins, which provide simplified access to US dollars and facilitate instant cross-border payments through blockchain technology.
The stablecoin market is projected to reach a market capitalization of over $3 trillion within the next five years, driven by the interest of institutional investors. Despite this move into stablecoins, Long reassured that XRP will continue to play a key role as a relay asset for exchanges between traditional fiat currencies and tokenized assets.
Ripple aims to remain a prominent player in cross-border payments and decentralized finance. The introduction of a stablecoin will enhance its suite of services dedicated to international transactions.
It is important to note that the views expressed in this article are solely those of the author and should not be considered as investment advice. “5 Tips for Improving Your Mental Health”
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