In a recent interview, Ripple’s Middle East and Africa Managing Director, Reece Merrick, appeared to be confident as he explained why he believes Ripple’s plans on creating and launching its native Stablecoin will be successful, given that the USD-backed Stablecoins USDT and USDC have already made their mark in the market.
Merrick particularly spoke of the sector he is in charge of, part of it being in Dubai stating that Dubai now offers ‘forward-thinking regulation’ and is a major network for Ripple to continue exploring the region with the innumerable opportunities it provides.
Recee Explains The Company’s Bold Step
According to Merrick, Ripple has been in this area for four years working on fintech expansion and increasing crypto and blockchain adoption in the region. Renee commented that it seemed to be a logical step for the company. Currently, there is a $150 billion stablecoins market, which is predicted to reach an astounding $2.8-$3 trillion by 2028. He also underscored the significant demand for compliant and regulated businesses to enter this space. Ripple believes that there is a significant need for a regulated USD-backed stablecoin to come up in the market.
What Has Driven Ripple?
Just recently, Ripple President Monica Long stated that the reason for Ripple to enter this market was the demand from their customers, financial institutions of various types, who want to use blockchain for more efficient global payments using a US dollar stable. She underscored the fact that Ripple has 10+ years of legacy of being a trusted, compliant, and secure player in the space, making it a great candidate to bring a trusted US dollar stable to the market.
And coming to the XRP-spot ETFs, Monica Long said that “it would make a lot of sense”, given that only XRP and Bitcoin have regulatory clarity on status in the US, and that XRP has been a top ten crypto asset by market cap and is in top five in the daily traded volume.
Major News For Ripple
In another significant development, the Russian President confirmed the development of its independent payment system, with indications that the bloc would explore the use of Ripple-associated XRP in the payment scheme for cross-border settlements. This move could massively trigger a rally for XRP.
Also Read : Will These Altcoins Soon Break All-Time Highs? Top Analyst Says Solana Will Hit $900
