XRP Ledger (XRPL) Gains USDC Support on Leading U.S. Exchange As Senate Passes Genius Act

Uphold has announced the integration of USD Coin (USDC) on the XRP Ledger (XRPL). This addition allows users to seamlessly transfer USDC between their Uphold and external XRPL wallets. The integration connects the Circle issued stablecoin to a fast, low-cost network, broadening the access of Uphold users to the XRP Ledger’s features.

Uphold Integrates USDC on XRPL

The XRP Ledger (XRPL) is designed to facilitate cross-border crypto transactions by providing a fast and low-cost alternative for transferring funds. Subsequently, it allows financial institutions, payment providers, and individuals to send and receive payments securely. The XRPL’s focus on low fees and nearly real-time transactions makes it an ideal platform for integrating USDC, a stablecoin pegged to the US dollar. This update comes ahead of explosive adoption of the XRP Ledger.

The uphold team today in a X post, announced integrating XRPL with USDC. Now the exchange users can easily send their USDC tokens between Uphold and other XRPL wallets.

This gives new opportunities to the entrepreneurs, traders, and developers that depend on digital currencies to settle cross-border payments. The collaboration between Uphold and XRPL will, therefore, provide an enormous leap towards letting quicker and cheaper transactions take place along blockchain networks.

XRP Ledger Deflationary Milestone and Prospects

The XRP Ledger is approaching a significant deflationary milestone with nearly 14 million XRP burned to date. As of now, the total XRP permanently destroyed through transaction fees has reached 13,998,810 tokens. This deflationary mechanism is a key feature of the XRP Ledger, contributing to the long-term sustainability and security of the network.

Consequently, while this figure is relatively small in comparison to XRP’s overall supply of 100 billion, it underscores the network’s focus on reducing inflation and increasing utility.

The deflationary approach, as a result, coupled with the low-cost and fast transaction capabilities, positions the XRPL as an attractive platform for digital assets like USDC. This milestone in addition reflects the XRP community’s ongoing efforts to enhance the value proposition of the XRP Ledger, making it an appealing choice for both individual users and businesses.

XRPL Adoption As US Senate Passes the Genius Act

This integration is timely due to the significant changes currently taking place in terms of regulation of stablecoins in the United States. On June 18, the Genius Act was signed into law seeking to create an inclusive federal system of regulating fiat-backed stablecoins.

With this new law, there are more precise regulations on stablecoin usage and a path to institutional adoption. Companies that will benefit due to the act include the issuer of USDC, Circle, which has already had a successful IPO.

As a result, the addition of USDC to the XRP Ledger has a potential to increase adoption of digital assets in other industries as the regulatory environment continues to change. USDC and its role in digital payment are strengthened by the Genius Act, which encourages regulation of stablecoins.