The number of stablecoin projects launched on Ripple Ledger has been growing steadily over the past few months. Here are the details…
Many stablecoins are coming out on Ripple Ledger
One cryptocurrency influencer recently pointed out that there are at least six stablecoins launched on Ripple Ledger, including stablecoins pegged to the US dollar, Euro and Australian dollar value. Stablecoins supported on XRP Ledger include Stably USD (USDS) from Seattle-based Web3 payments provider Stably. STASIS, a leader in euro-backed stablecoins, has also launched its EURS stablecoin on the XRP Ledger. It thus gave XRP users access to a stablecoin tied to the value of the euro.
Also, South Africa-based fintech firm Xagu has launched its XUS stablecoin on the XRP Ledger. Thus, he offered investors another USD-backed stablecoin. Recently, the island of Palau partnered with Ripple to launch its own stablecoin on the XRP Ledger. In addition, leading fintech firm Novatti has also released an Australian dollar-backed stablecoin called AUDC. Finally, there is AUREI, “a stablecoin to be backed by FLR and XRP.”
cryptocoin.com As we reported, Ripple recently collaborated with Paris-based payments provider Lemonway. He announced that the company will use Ripple’s XRP-powered solution On-Demand Liquidity (ODL) to “improve treasury payment processes.”
XRP price takes a leap
The XRP price has risen 9% in the last 24 hours, outpacing the rest of the cryptocurrency market. The Ripple-linked token managed to reclaim $0.50 on major exchanges. Major cryptocurrencies plunged on Thursday alongside equities amid hotter-than-expected inflation data. After the US Federal Reserve’s (FED) latest consumer price index (CPI) index, an interest rate hike of 75 basis points is considered as a guarantee.
Major stock market indices experienced an extremely sharp turn yesterday. The Dow rose 800 points, up 1,500 points from its intraday low. In fact, the S&P 500 index recorded the widest trading range since 2000. Leading cryptocurrencies repeated this volatile trading session. Bitcoin came close to revising its annual low of $17,600 in mid-July before recovering to around $20,000 in the same day.
The XRP market has experienced positive developments in Ripple’s fight against the US Securities and Exchange Commission. As such, it has been outperforming the broader cryptocurrency market lately. Ripple CEO Brad Garlinghouse recently predicted that the case would be resolved in the first half of 2023. XRP has seen significant price increase after both parties petitioned for summary resolution.
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