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Ripple President Breaks Silence on RLUSD Stablecoin Implications for XRP

Thu, 27/06/2024 – 12:02

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Ripple President Monica Long recently shared insights into the much-anticipated Ripple stablecoin, RLUSD, and its implications for XRP.

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During her appearance on the Scoop podcast, Long provided insights into how the new stablecoin will integrate with and enhance the existing XRP ecosystem.

Long emphasized that RLUSD, set to launch soon, is designed to “complement” XRP, particularly in facilitating the most efficient cross-border flows. While XRP will continue to play a central role in Ripple’s payment solutions, the introduction of RLUSD aims to complement the use of XRP in this regard.

Long’s comments suggest that Ripple’s strategy involves utilizing RLUSD to boost the use of XRP rather than replace it, a move that could potentially attract more users to XRP Ledger.

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In April, blockchain firm Ripple announced the introduction of a U.S. dollar stablecoin, marking its debut into the $150 billion stablecoin market. The Ripple stablecoin would serve a role that the crypto giant promotes as part of its On-Demand Liquidity offering, which attempts to settle transactions quickly between banks and other financial institutions by using the XRP token as a “bridge” currency.

Speculations put to rest

Following the announcement of the stablecoin and the subsequent revelation of its ticker at the XRPL apex event held in June, the crypto community has been abuzz with speculation about how the new stablecoin will fit into Ripple’s ecosystem and its potential implications for XRP.

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Concerns have also been raised about whether the stablecoin would replace XRP in cross-border transfers.

The recent comments from the Ripple president corroborate Ripple’s previous assurances that it has not abandoned XRP as a payment token and that stablecoins would serve as more of a complementary product for the XRP ecosystem.

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