Ripple’s President, Monica Long, has announced that the XRP issuer is poised to enter the $161 billion stablecoin market by the end of this year. Speaking at the Money20/20 event in Amsterdam, Long highlighted the rapid growth of the stablecoin market, predicting a multi-trillion-dollar ecosystem for U.S. dollar-pegged tokens within the next three to five years.
Long attributed the expansion of the stablecoin market to the increasing demand for access to U.S. dollars and the need for an efficient global fiat-denominated payment system powered by blockchain technology. “We are currently focused on everything needed to bring a stablecoin to market, including regulatory compliance and institutional relationships,” she explained, noting that Ripple plans to debut its offering in 2024. Ripple CEO Brad Garlinghouse echoed these sentiments at the recent Consensus conference, although he did not specify a launch date.
While Ripple is preparing to enter the stablecoin arena, Long emphasized the enduring significance of XRP. She stressed that using XRP as a bridge asset for various currency pairs remains a viable long-term strategy. The decentralized ledger will continue to provide liquidity and support real-world asset tokenization, a sector that is attracting increasing interest from financial stakeholders.
Ripple Exec Highlights Crypto ETF Interest
In addition to discussing stablecoins, Long also commented on the rising interest in crypto ETFs, particularly following the success of spot Bitcoin (BTC) ETFs in the U.S. Issuers are now submitting applications to list similar products backed by Ethereum (ETH), the second-largest cryptocurrency.
There is ongoing debate about whether spot ETH ETFs will achieve the same success as their BTC counterparts. Some skeptics argue that Ethereum, being the second-largest cryptocurrency, might be more challenging for both retail and institutional investors to understand.
However, Long dismissed these concerns, citing improved crypto education and the involvement of industry giants like BlackRock as factors that will drive the success of spot Ether ETFs. She believes that these ETFs will be a significant catalyst for crypto adoption, as Ethereum’s blockchain is well-suited for securities asset tokenization and a decentralized finance economy ready to absorb large capital inflows.
In conclusion, Ripple’s strategic moves, from launching a stablecoin to supporting the growth of crypto ETFs, underscore the company’s commitment to expanding its footprint in the rapidly evolving cryptocurrency landscape.
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