CTO David Schwartz Quells Speculations Of A Potential Ripple Stablecoin Launch

  • Ripple’s Technical lead has stopped any ongoing debates regarding the possibility of Ripple launching their own stablecoin. The rumors emerged when they announced they would be looking to add more features on their XRPL.

Ripple CTO, David Schwartz has now come out in a tweet to quell speculation regarding launching their own stablecoin soon. This was in response to a comment left by a user on their YouTube channel alleging Ripple’s ongoing development with XRP Stablecoin (xrpsc) discarding the XRP.

He stated that they had no plans to unveil their stablecoin. Instead, they were keen on those that were issued on the XRPL and those backed by the XRP. In a Feb 27th post on their site, the CTO offered insight on how much the XRP ledger had morphed into a thousand node network that supports transactions in billions of dollars.

He promised more features will be introduced to the ledgers extending their functionalities. This would include enabling third parties to develop Stablecoins on their ledger. This might have sparked the debate that Ripple would eventually venture to the Stablecoin realm.

Pitting XRP against Tether USD

While responding to question on their competitiveness against rivals Tether, he was quick to cite that the two had different use cases. He highlighted that the USDT being backed by one country’s fiat currency and issued by a centralized body would hinder quest to world dominance while the XRP’s volatility was its Achilles heel. Notably, fiat backed stablecoins have grown exponentially with their combined value now totaling to almost $10 Billion.

Meanwhile, the XRP trading at $0.205516 has been ranked third enjoying a market cap of $9,065,888,542. With 44,112,853,111 XRP in circulation as per this writing they recorded trading volumes of $1,689,875,503 in the last 24 hours.

Ripple’s Global Reach

Ripple have been on a march towards realizing a global presence. They boast of over international 300 partners onboarding their RippleNet Network. They have brought about an alternative to cross border remittances a sector that was heavily dominated by the banks. Their solution is often fast with their clients enjoying instant money transfers round the clock.

Consequently, they have recently become the first DLT company to join the ISO 20022. The international standards seek to finally establish a single standard. A recent job advert indicates that they are well on course into unveiling a new product, working capital loans.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.0061

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today