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Ripple Stablecoin To Launch in June, Hints CTO David Schwartz – Crypto News

Published

2 years ago

May 6, 2024

Dripp

XRP, the native cryptocurrency of Ripple, has surged as the company’s CTO, David Schwartz, hints at a major development. Meanwhile, amid growing anticipation, Ripple’s stablecoin project is set to revolutionize the cryptocurrency landscape. Notably, with details unveiled at the recent XRP Las Vegas conference, investors and enthusiasts eagerly await the launch, slated for June.

Ripple To Launch Stablecoin In June

The anticipation over Ripple’s stablecoin launch was witnessed since early April when the company unveiled its plan to launch it. Notably, Ripple CEO Brad Garlinghouse revealed the company’s venture into the stablecoin realm, citing robust regulatory compliance, financial strength, and a global network as foundations.

Besides, the upcoming U.S. dollar stablecoin will be backed by a blend of U.S. dollar deposits, government bonds, and cash equivalents in a 1-to-1 ratio, ensuring stability and security for users, the Ripple CEO said in early April.

However, at the XRP Las Vegas conference, Ripple’s CTO, David Schwartz, unveiled tantalizing details about the much-anticipated stablecoin project. Although specifics remain under wraps, Schwartz hinted at a forthcoming disclosure during the XRPL Apex event in Amsterdam on June 11-13.

Notably, this announcement has ignited excitement within the XRP community and the broader crypto sphere, signaling a potential game-changer for Ripple and its XRP Ledger ecosystem. In addition, the proposed stablecoin is poised to cater to institutions seeking exposure to digital assets while mitigating volatility risks.

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What’s Next?

With backing from U.S. dollar deposits and short-term government treasuries, Ripple aims to offer a reliable bridge between traditional finance and the growing crypto market. Leveraging the XRP Ledger’s inherent strengths, including decentralized exchange capabilities and automated market making, the stablecoin promises to unlock new avenues for institutional and decentralized finance (DeFi) applications.

Meanwhile, the hint comes amid a recovery in the broader cryptocurrency market. In addition, a recent report from Matrixport showed a sustained surge in stablecoin inflows despite Bitcoin’s consolidation since April.

As of writing, the XRP price traded at $0.5283, up 1.10% over the last 24 hours, while its one-day trading volume soared 55.71% to $906.17 million. Notably, Ripple’s native crypto has touched an intraday high of $0.5471, ahead of the SEC’s reply brief deadline later today.

Also Read: Pro-XRP Lawyer Debunks FUD Over Ripple Dumping XRP, Price To Hit $1?