Ripple Stablecoin To Launch in June, Hints CTO David Schwartz

Highlights

Ripple's CTO hints at the June launch of a game-changing stablecoin, revamping the crypto landscape.
Stablecoin offers stability and security with 1-to-1 backing by U.S. dollar deposits.
Ripple's stablecoin is poised to bridge traditional finance and crypto markets, unlocking new opportunities.

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?

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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