Ripple XRP: The Global Financial Leader To Launch New Stablecoin

Ripple XRP, a blockchain technology company, is all set to cast its U.S. dollar-denominated stablecoin to bridge the gap between traditional and cryptocurrency finance.   

The need to bridge the global on and off-ramps from cross-border payments gave birth to a blockchain-based digital payment network. Ripple XRP is a blockchain platform that operates as a payment settlement system and currency exchange network. The blockchain technology company decided to expand its portfolio and developed a plan to introduce a new stablecoin to the crypto market.    

What is Ripple XRP?

Ripple Labs is a blockchain technology company founded by Chris Larsen and Jed McCaleb in 2012 to make digital payment secure and decentralized. The currency exchange network assists in making flawless asset transactions worldwide and operates as a payment settlement system. 

It operates as an all-in-one network to access cryptocurrencies, power payments, treasury operations, and more. The platform plays a major role in facilitating faster, cost-effective transactions worldwide. 

Ripple XRP or XRP is the native currency of the Ripple network and is used for payments, exchanges, NFTs, and gaming. The network decided to expand its token list with the addition of Stablecoin. 

Features of Ripple XRP

XRP Ledger is the open-source and public blockchain of Ripple Labs and possesses some key features that make it a standout performer. 

Decentralized exchange: XRP ledger offers high performance and has been the world’s oldest decentralized exchange operating since its launch. The exchange permits holders to buy and sell tokens for XRP or other digital assets with minimal charges.  

Cross-currency payment: The platform allows cross-currency payments of any tokens, making it one of the most widely accepted blockchains. The payments are fully atomic and deliver a fixed value to the destination.   

Payment channels: The payment channel is another effective feature that helps send ‘asynchronous’ XRP payments. The payment channels involve two parties and offer a seamless buy and sell of tokens.  

Multi-signing: The blockchain platforms offer a high level of security through the Multi-signing feature. The feature helps authorize transactions for XRP Ledger and involves the usage of a master key pair and a regular key pair.  

Tokens: The blockchain supports a wide range of tokens as well as stablecoins. Additionally, the platform can be used for ‘community credit,’ which helps track other individuals’ token and transaction details.   

Advantages and Disadvantages

Advantages

• The platform is open-source, accessible to anyone, and maintained by the community. 
• Another major benefit of XRP Ledger is its high performance, which offers thousands of transaction settlements in seconds. 
• Low fees, transaction charges, proven reliability with 10 years of services, and uninterrupted performance with more than 63 Million ledgers. 
• Motivated community and streamlined development are continuously working to make XRP Ledger better each day. 

Disadvantages 

• Ripple uses ‘Trusted validators’ for transaction verification to maintain the integrity of the blockchain. 
• XRP token is highly volatile and is considered to be a high-risk investment. 
• Legal battles with the Securities and Exchange Commission (SEC) are somehow impacting the blockchain’s reliability.  

XRP Tokenomics And Buying 

Ripple XRP, or XRP, is the native token that runs on the XRP Ledger. It can be used for investment, trading, payments, exchange, NFTs, and gaming. The token has a maximum supply of 100 Billion, a total supply of 99,987,715,632, and a circulating supply of 55,051,549,471.

The token can be purchased from renowned cryptocurrency exchanges, including Binance, Upbit, Bitget, Bybit, OKX, KuCoin, and Coinbase Exchange. Additionally, the token can be stored in Ledger, Trust Wallet, Math Wallet, MetaMask, Coinbase, and Trezor.      

The New Stablecoin on XRP Ledger and Ethereum

The blockchain technology company recently announced the launch of a new stablecoin pegged 1:1 to the U.S. dollar by the end of 2024. The stablecoin will be available on the XRP Ledger as well as the Ethereum blockchain.

The U.S. dollar short-term government treasuries and deposits will be used to back the newly added stablecoin. The motive behind the stablecoin launch is to drive more liquidity, users, and developers. As the crypto community eagerly awaits the end of 2024 for the stablecoin’s debut, Ripple’s commitment to innovation continues to improve the way for a more interconnected and efficient digital economy.  

Furthermore, it is also anticipated that the stablecoin will be launched on additional blockchains over time, offering more financial services to the massive Ripple XRP holders. 

Additionally, Tether (USDT) is one of the key players in the stablecoin market, with a total supply of 110,942,615,137 and a circulating supply of 106,814,507,935.        

Conclusion

Ripple XRP’s initiative to launch a U.S. dollar-denominated stablecoin represents a significant step forward in bridging the gap between traditional finance and the evolving world of cryptocurrency. By leveraging the XRP Ledger and expanding to the Ethereum blockchain, Ripple aims to enhance liquidity and attract a broader user base, including developers. This move could potentially set a new standard for stablecoins and upsurge Ripple XRP’s position in the global financial ecosystem. 

FAQs  

What is Ripple?

Ripple is a money transfer network and is mainly designed for the financial service industry to offer faster and more secure ways for digital money transfer. 

What is XRP and its circulating supply? 

XRP is the cryptocurrency that’s used on Ripple’s blockchain for transactions, investment, trading, and gaming purposes. The coin has a total supply of 99,987,715,632, and a circulating supply of 55,051,549,471.

Where to buy the XRP coin?

The coin can be purchased from a few of the cryptocurrency exchanges including Binance, Upbit, Bitget, Bybit, OKX, KuCoin, and Coinbase Exchange.