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Highlights
- Discussions at the Crypto Summit could see XRP lead the US global financial policy.
- Ripple's RLUSD is expected to play a significant role in the financial ecosystem.
- A string of positives around XRP is changing the narrative for the battle-harden asset.
As cryptocurrency regulations become clearer, there are suggestions that XRP could lead a US dollar global resurgence. The comments from US Treasury Secretary Scott Bessent have given life to the theories for future XRP relevance but the specter of its long-running case with the SEC looms behind.
RLUSD Will Change The Narrative For XRP
XRP’s community is buzzing with optimism that the asset could play a significant role in America’s ambition to keep the US dollar as the global reserve currency. Pundits are hinging their theories on recent comments by US Treasury Secretary Scott Bessent at the White House Crypto Summit.
Bessent confirmed plans to maintain the US dollar’s supremacy but disclosed a changing stance from fiat. According to Bessent, the US will explore other options including stablecoins to keep the dollar’s dominance as the primary currency for global trade.
“We will keep the US the dominant reserve currency and use stablecoins to do that,” said Bessent.
Right out of the bat, XRP’s community is tipping RLUSD, Ripple’s USD-backed stablecoin to lead the new financial renaissance. Optimists say RLUSD has a raft of positives to justify its bid to spearhead the US stablecoin ambitions.
RLUSD Surging Growth And Regulatory Compliance Gives It An Edge
RLUSD, live on the XRP Ledger and Ethereum, is recording impressive growth metrics in recent months. At the moment, RLUSD has a market capitalization of $140 million, rising by leaps and bounds.
Adoption rates for RLUSD have reached new highs with a 327% volume growth recorded over the last year. Furthermore, its cross-border payments capabilities put it in a prime position but it will have to stave off competition from Circle’s USDC following a string of regulatory victories in the Middle East.
Experts are tagging RLUSD as a regulatory-compliant stablecoin in the US, noting that the government’s decision to lean on the stablecoin will be “huge” for XRP. Higher RLUSD adoption will trigger an increased demand for XRP as the bridge asset, sending asset prices to new levels.
OCC Clears The Pathway For Increased Adoption
The Office of the Comptroller of the Currency (OCC) has announced that financial institutions in the US can carry out stablecoin transactions. The OCC, via its Interpretive Letter 1183, confirmed the end of Operation Chokepoint 2.o, allowing banks adopt RLUSD for transactions.
The inclusion of XRP in the Crypto Strategic Reserve and Digital Asset Stockpile signals broader regulatory acceptance for the assets. A masterstroke for XRP will be the dismissal of the Ripple SEC case as whales gobble up large coin volumes.
Despite the optimism, XRP price has fallen by nearly 6% over the last day to trade at $2.33. Daily trading volume is also down by 38.34% but bulls continue to scan the horizon for a silver lining for XRP.
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