Ripple plans to launch USD stablecoin, it shakes Tether and USD coin

[Cryptocrit]

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Ripple aims to enter the stablecoin market, which is currently dominated by Tether (USDT) and USD Coin (USDC), by offering its own U.S. dollar-backed stablecoin. The presence of the stablecoin on the XRP Ledger could enhance liquidity and potentially increase the value of XRP.

Ripple, known for its XRP cryptocurrency and financial blockchain solutions, is gearing up to introduce a U.S. dollar-backed stablecoin. This move aims to shake up the stablecoin market dominated by giants like Tether (USDT) and USD Coin (USDC).

The stablecoin serves multiple purposes. Firstly, it's a strategic move to compete in the thriving stablecoin market. Additionally, by tethering to the USD, Ripple hopes to attract more users and liquidity to its XRP Ledger blockchain platform. Moreover, the stablecoin could bridge the gap between traditional finance and the crypto world, facilitating quicker and cheaper cross-border payments.

Read in details....
https://www.cryptocrit.xyz/2024/04/Ripple-today-news.html

[2Pizza410000BTC]

Ripple is slowly losing more popularity than the current position it is in. But if they can do all the ideas that have started from the Ripple platform, maybe their platform will grow a bit and the price will increase. I bought and held Ripple coin for a while but it's movement didn't look good and even though the unique coin increased a lot I sold the coin as it didn't increase in price. But I hope if they can bring some good updates then the price will go up a lot and the popularity will also increase.

[JeffBrad12]

from my understanding stablecoin always relies on reputation and reserved assed for backing, in the case of XRP well if they got the money to back it up and its not algorithmic stablecoin i think people will still try to use it consider it as an alternative, but when we are talking about reputation ripple just got stain on their reputation with all the news about the project lawsuit and so on.
i wonder how this gonna go if ripple is for real trying to release their own stablecoin to compete with other stablecoin since we all know the other existing and established stablecoin have already known to have massive market capital in which might be hard thing to overtake.
regardless i think if they try to create just stablecoin i guess they already have big money on their hand, as long as its backed up by real money, it will not depeg, but its gonna be problematic if they try to combine other asset that aren't stable in value.

[Bureau]

There is already a thread dedicated to this news and I don't find any reason for OP to create another one.
[1] Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC
Be careful OP next time to look at the board before creating another thread for the same news. Creating a similar thread might not go well with the mods and they might delete the thread and repetitive behavior might lead to a ban.

[Mrbluntzy]

Ripple is a stable coin though but that doesn't stop the price from grown more than it was from the year it was launched. From my search about the project, it doesn't seem like a project that have gained a lot of attraction by investors, it could be because its stable nature and with such impression in the crypto communy, I don't think tether will feel threatened by the new idea of ripple wanting to launch a USD stable coin. What would even be the essence of having a USD stable coin and still the XRP stable coin?  binance once had a stable coin (BUSD) but they have disabled the coin. XRP is already a stable coin, the project owners can just work on their success or allow holders to just swap to the USD they want to launch.

[Kelward]

Ripples, plans to launch into the USD stablecoins is a step in the right direction, and being backed by a stable currency like the US dollar is also good. Crypto traders and investors, including people whose fiat currencies are devaluing are fast adopting stablecoins to hedge against volatility and inflation, so it makes business sense for ripple to diversify into the stablecoins business. I don't think that usdt and usdc have anything to worry about because they've already gained reputation as stablecoins, ripple should be the one to worry about meeting up to their standards.

[kentrolla]

Hey that's good move but what's different Ripple will offer in order to rope in users from USDT and USDC? Because Tether is currently dominating the stablecoins market and when people think of stablecoins it's Tether which comes to our mind hence there needs to be something additional like value added think which Ripple should offer in order to win the customers.

[bluebit25]

Although it is a currency with very strong potential, technology, and community, Ripple has recently lost its position in the eyes of many investors. Hopefully their innovation can still bring some value to the original ideas and we will see new updates from the platform soon. It could act as a catalyst to reverse the downturn and return us to an era of explosive growth and prices like that of 2017. Of course, I hope a little investment in XRP will profitable, after all it is not my only investment.

[cryptoaddictchie]

Hey that's good move but what's different Ripple will offer in order to rope in users from USDT and USDC? Because Tether is currently dominating the stablecoins market and when people think of stablecoins it's Tether which comes to our mind hence there needs to be something additional like value added think which Ripple should offer in order to win the customers.

Another stable to use for what hopefully ripple got their decision in line with the ecosystem. Thry got many users but whats make other ecosystem users gonna use stablecoin from ripple? Unlike the new stabelcoin on ethena which is supported across different L1 and l2 for usage on many dapps. Has the new stablecoin of ripple has been release? Or still in plan stage?

[avikz]

There are too many stablecoins in the market already. So the competition is very steep. But Ripple has a business reputation and they also has some banks as their clients. So if they enter into this market and they are able to prove their reserve, I think it would still gain popularity and could give serious competition to its peers. Monopoly in the market is not good for the consumers. So I would support if more companies are coming and leveling the playing ground. The consumers will be benefitted at the end.

They already have a huge userbase which they can surely leverage to get the ball rolling!

[dimonstration]

How come that a stablecoin will help XRP value price increase while people are buying the stablecoin and not the XRP. Unless Ripple will do same shit mechanism like Terra did on UST this will surely give an impact to the XRP.

Besides, XRP ledger that holds asset for stablecoin should maintain it backed 1:1 at all times while this stablecoin is surely can be purchased on exchange and not solely using an XRP tokens.

This is good for Ripple team but it will not directly give benefits to XRP holders because they are separate tokens that is not connected to each other.

[poodle63]

why many companies are trying to create their own version of stablecoin? is it really that profitable to make stablecoin, i wonder how much company like tether with their USDT profit from making stablecoin alone considering their market cap is humongous and big but it still kinda unclear to me how these stablecoin maker are making money right now even ripple is trying to create their own as if the market isn't lacking any stablecoin.
i hope it won't be the next tera luna literally draining people of their money just because the stablecoin fail to perform its duty which is to keep wealth for many people from fluctuation.
I think XRP better focusing more on their coin and make some innovation at least it seems like XRP is lagging behind the other in this regard even more so knowing that the coin never did anything awesome this bullrun around.

[EarnOnVictor]

That's nice of Ripple. But one sure thing is that it will certainly join the queue and not automatically displace the existing market that has always gained prominence. The fact that Ripple (XRP) is already a well-known cryptocurrency doesn't mean that its stablecoin project would be an automatic success. What they are trying is a test/effort, however, it's not all what you test that will work.

You can imagine how Binance and BNB did well in the crypto market, but BUSD was unable to do so due to one thing or another to the point that the company behind it has to face it off. I did not say that the case of Ripple's stablecoin will be like that but it must also face challenges of its own and not just dominate the market easily as though.

Also, I still see USDT retaining the number of stablecoin in the crypto market with no stablecoin able to displace it in a matter of decades. It is about $107B by market cap currently, even as the closest rival (USDC) is more than 3 times lower than it (almost $33B now). The Ripple's stablecoin will rather rival the USDT and not the USDT.

[TastyChillySauce00]

I'm still wondering where this company gets dollars to back its future stable token, from selling their premined coin, then using it to back their stable tokens. It sounds like another trick for Ripple to regain the trust of the traders and investors by issuing another plan. I would rather call this a smart move to become a stable token issued to save the value from ripple. I hope that regulators can start to judge this idea since ripple's case has remain unsolved. It's also another trick to help ripple get the money back again after it used to fight against SEC. *LMAO

Ripple sees stable tokens as a way to print money anytime. Ripple stable token may not be transparent. I hope people must be careful with the token will be issued by ripple. Im only wondering how big the demands to use the stable token issued by ripple.
Ripple CEO was amazed to see how a stable token issued can print money anytime and then send it to the market without even explaining the transparency of such funds.

Ripple sees it as a golden opportunity.  I'd like to avoid this shit since we have better stable token like DAI or USDC.