Ripple is gearing up to release a stablecoin tied to the U.S. dollar, which will work alongside XRP in order to enhance its utility and potentially boost its price. There is anticipation that the integration of this stablecoin with XRP could drive its price to $1, thanks to the expanded functionality and market accessibility.
Amidst the excitement surrounding the impending launch of an XRP ETF, as previously confirmed by Ripple President Monica Long in a CNF post, there has been a significant development. Monica Long has revealed Ripple’s innovative stablecoin strategy, which is poised to transform the cryptocurrency landscape.
This groundbreaking announcement was shared by Collin Bowns, a blockchain researcher and cryptocurrency enthusiast, in a recent tweet. According to him, President Monica Long of Ripple has unveiled their highly anticipated stablecoin, which is set to revolutionize the crypto industry.
In an interview with CNBC on Ripple and the crypto market outlook, Monica Long emphasized that this innovative stablecoin will not only exist alongside XRP, but will also “complement” it, creating a powerful synergy that will elevate both assets to new heights.
Despite the introduction of a stablecoin, XRP will continue to play a crucial role as a bridge asset for currency pairs and for facilitating liquidity between different types of assets, especially in tokenization scenarios.
Furthermore, Ripple’s Middle East and Africa Director has confirmed their readiness to launch the stablecoin, which has resulted in a slight increase in the price of XRP. At the time of writing, Ripple (XRP) is trading at $0.4751, representing a modest increase of 0.30% in the past day, despite a 3.17% weekly decrease.
It is clear that Ripple’s stablecoin strategy has the potential to significantly impact the cryptocurrency market and XRP’s future price and utility.