Ripple ‘s native cryptocurrency, XRP, is on the rise as the company’s CTO, David Schwartz, hints at a major development. Meanwhile, amid rising expectations, Ripple’s stablecoin project is poised to revolutionize the cryptocurrency world. Especially with the details announced at the last XRP Las Vegas conference, investors and enthusiasts are eagerly awaiting the launch planned for June.
Ripple Will Launch Stablecoin in June
Anticipation for Ripple’s stablecoin launch has been visible since the beginning of April, when the company announced its launch plan. In particular, Ripple CEO Brad Garlinghouse announced the company’s attempt to enter the stablecoin space, citing solid regulatory compliance, financial strength and a global network as the basis.
Additionally, Ripple CEO said in early April that the upcoming US dollar stablecoin will be backed by a 1:1 mix of US dollar deposits, government bonds and cash equivalents, providing stability and security for users.
However, at the XRP Las Vegas conference, Ripple’s CTO David Schwartz revealed exciting details about the highly anticipated stablecoin project. Although details remain confidential, Schwartz hinted that an announcement would be made soon during the XRPL Apex event in Amsterdam, June 11-13.
In particular, this announcement has raised eyebrows in the XRP community and more broadly. crypto- It sparked excitement in the space and signaled a potential game changer for the Ripple and XRP Ledger ecosystem. In addition, the proposed stablecoin is poised to appeal to institutions seeking exposure to digital assets while reducing volatility risks.
What’s next?
Backed by US dollar deposits and short-term government treasuries, Ripple aims to offer a reliable bridge between traditional finance and the growing crypto market. Leveraging XRP Ledger’s inherent strengths such as decentralized exchange capabilities and automatic market making, the stablecoin promises to open new avenues for institutional and decentralized finance (DeFi) applications.
Meanwhile, this tip comes amid a recovery in the broader cryptocurrency market. In addition, a recent report from Matrixport, BitcoinIt showed a steady increase in stablecoin inflows despite consolidation since April.
While this news was being written, the XRP price was traded at $0.5283, an increase of 1.10% in the last 24 hours, while its one-day trading volume increased by 55.71% to $906.17 million. Notably, Ripple’s native crypto reached an intraday high of $0.5471 ahead of the SEC’s response brief deadline later today.
