Ripple CTO discloses new details around “Ripple stablecoin” 

David Schwartz talked about Ripple’s US dollar-pegged stablecoin plan in a recent conference. 

Ripple is a San Francisco headquartered blockchain firm, which is mainly known for its efficient cross-border payment services. Since Dec 2020, this blockchain firm has been under legal hurdles with the United States Securities and Exchange Commission (SEC) over its financial activities in link with XRPL (XRP) Cryptocurrency. 

In the recent XRP Las Vegas conference on May 3-4, where the Ripple chief technology officer (CTO)  David Schwartz revealed the firm’s upcoming integrations. He shared information on XRP Ledger, including automated market makers (AMM), lending protocol, Ripple stablecoin and Artificial intelligence (AI). 

Infos about @Ripple's stablecoin is expected to be announced in a month at the XRPL Apex event in Amsterdam – @JoelKatz
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— Jim_Knox (@JimKnox123) May 4, 2024

Schwartz stated that they’ll reveal more information about Ripple’s stablecoin in the next month at the XRPL Apex event in Amsterdam.

A month ago, Ripple announced its stablecoin project. At the time, Ripple firm stated that stablecoin adoption will keep surging in the future & it will hit $2.8 trillion by 2028, despite huge competition among the existing players in the market.

1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility.

That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…

— Ripple (@Ripple) April 4, 2024

Ripple vs SEC 

In the legal battle against the US SEC, Ripple firm is already standing on the winning side and it is expected that the case will be resolved in the next few months. 

In mid-2023, a court judge ruled that the XRP token was never a security token, this ruling was just like a partial win for Ripple because the SEC body’s lawsuit against Ripple was mainly revolving around the security nature of the XRP token.

In the present time, Ripple is more confident with its Crypto business operations and probably this is a reason why this company is stepping into the stablecoin business, despite unclear regulatory rules for this innovative sector in the US jurisdiction.

Read also: South Korea Bans Crypto Charity Donations 

Ripple CTO discloses new details around “Ripple stablecoin” 

 

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