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CoinDesk
Trump: Bitcoin Has Taken on 'a Life of its Own,' Will Probably Need Some Regulation
2 days ago
Cointelegraph
Cointelegraph
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Converting cryptocurrency to fiat has never been easy, so the recent collaboration announced between Web3 infrastructure firm Transak and credit card giant Visa is probably welcome news — particularly for users of crypto wallets like MetaMask, Ledger and Trust Wallet. As Cointelegraph reported in late January, “MetaMask users can now sell crypto directly to a Visa card.” Some 40 kinds of crypto can now be converted into local fiat currency at 130 million of Visa’s merchant locations across 145 countries. The numbers alone are daunting, but this may also be an inflection point. “Visa and Mastercard’s reengagement with the crypto sector marks a pivotal turn in the industry’s trajectory,” Antoni Trenchev, co-founder and managing partner at Nexo, told Cointelegraph recently. “It’s big news for people already using crypto to pay for things — now they have more options and, arguably, better options with how to make these types of payments,” Joanna Wasick, partner at law firm BakerHostetler, told Cointelegraph. That said, it wasn’t that long ago that Visa appeared to be stepping back from crypto. Almost exactly a year ago, Reuters declared that “Visa and Mastercard are slamming the brakes on plans to forge new partnerships with crypto firms” — though Visa later took issue with Reuters’ assertion. “This strategic recalibration is not surprising, even with Visa’s distancing itself from crypto a year ago,” said Trenchev last week. “With market uptake, especially with climbing Bitcoin prices, an approved Bitcoin ETF [exchange-traded fund] and an upcoming ‘halving,’ we’re witnessing the nascent stages of a bull market in crypto,” continued Trenchev. Visa and Mastercard don’t want to miss out, arguably. As dramatic and sudden as the announcement may have seemed, it is actually part of a larger process that has been going on for some time. “Visa’s decision to enable real-time card withdrawals is the latest step in the monetization of cryptocurrencies,” William Luther, associate professor in the Department of Economics at Florida Atlantic University, told Cointelegraph. A loss for centralized exchanges? Still, in a dynamic economy — where “creative destruction” is the norm — there are often losers and winners. What does this mean for centralized crypto exchanges like Coinbase and Binance? If Visa can convert a holder’s crypto directly into fiat, why does that individual even need a cryptocurrency exchange? “More users are choosing to directly engage with Web3 through decentralized applications rather than centralized exchanges,” or CEXs, Sami Start, co-founder and CEO of Transak, told Cointelegraph. Asked about the volume of recent crypto withdrawals to Visa cards, Start declined to provide segmented data, but he did say that the firm’s off-ramp transactions — including Mastercard and Visa transactions — “have experienced a growth of approximately 24.27% from December 2023 to January 2024.” Recent: CBDCs: User privacy problem or currency of the future? The threat to centralized crypto exchanges could be exaggerated, however. “The notion that this advancement might disadvantage CEXs and platforms is oversimplified,” said Trenchev. Visa and Mastercard’s involvement in decentralized finance (DeFi) is likely to promote broader cryptocurrency adoption — “which benefits the whole industry.” CEXs still have a play to role. They are “vital in scaling,” continued Trenchev, whose firm was a pioneer in offering a crypto-backed Mastercard in parts of Europe several years back. They provide a degree of reliability, accessibility and security that many DeFi platforms still don’t offer. He added: “The appeal of self-custody in DeFi is clear, but it comes with risks, such as lack of insurance.” Both DeFi and CEXs contribute to the growth of the blockchain ecosystem, Trenchev maintained, and “their successes are mutually beneficial.” Importance of network effects Clearly, there is much more discussion now about crypto as a medium of exchange, which was not the case in the depths of the crypto winter. The biggest hurdle that “would-be” monies face coming out of the starting gate is what economists call “network effects,” explained Luther. They’re not likely to be useful unless your trading partners are willing to use them, and at the outset, few parties are willing to do so, he said, adding: “Intermediaries like Visa have the potential to eliminate the network effect problem. By converting your preferred cryptocurrency on the fly to your trading partner’s preferred money, [they can make a new] medium-of-exchange much more useful.” Visa isn’t the first to take this step. Xapo began offering a Bitcoin (BTC) debit card in 2014. “But Visa supports more cryptocurrencies and boasts a very big network. That’s a big deal,” added Luther. Trenchev seconded this notion that traditional financial firms, including the credit card giants, have been building salients into the crypto world for some time. In 2021, Mastercard purchased CipherTrace — a leading cryptocurrency intelligence company — to enhance its crypto capabilities, while in June 2023, Mastercard announced its Multi-Token Network, an initiative “designed to make transactions within the digital asset and blockchain ecosystems secure, scalable and interoperable,” according to the firm’s executive vice president Raj Dhamodharan. We’re introducing Mastercard Multi-Token Network to make transactions within this ecosystem secure, scalable and interoperable as part of our commitment to support the wider #digital asset industry. https://t.co/Vb1JtnSTjx#blockchain pic.twitter.com/MwkkxbyAuk — Mastercard News (@MastercardNews) June 29, 2023 Visa began supporting the Circle’s USD Coin (USDC) in certain Visa cards in 2020 and followed up in September 2023 by supporting USDC payments settled on the Solana blockchain. Building new connections is what such firms are designed to do. “The core strategy of the payment rails like Visa and Mastercard is to be the network of networks, penetrating any and all venues where exchange takes place,” Lex Sokolin, managing partner at venture capital firm Generative Ventures, told Cointelegraph. “Integrating into the networks of Web3 is the most natural thing for these companies,” said Sokolin, “even less ‘risky’ than it is for asset managers to sell crypto as an investment product.” The question is no longer whether crypto will be a part of mainstream payments and financial services, but rather, how big a part crypto will play, Wasick observed, adding: “So while crypto might still be a relatively small part of payments and financial services — as compared to cash, say — crypto’s dent is getting deeper.” Betraying core principles? Much work still awaits. Some worry about security or loss of privacy. Others fear a growing trend toward financial centralization, which crypto was designed to counter. There are also compliance and tax questions. “I think the primary reason why crypto holders — at least American holders — balk at using crypto for payments is the same as it has been for years: United States tax law,” said Wasick. People don’t want to have to think about tax ramifications every time they purchase a cup of coffee. “But doing it directly with a payment platform like Visa is arguably easier than prior payment methods.” Some crypto purists may view the entry of credit card giants into the space as a further betrayal of the original promise of Bitcoin and other cryptocurrencies for decentralized money beyond the control of any single party, company or government. Luther gave voice to something along these lines. While welcoming the support of Visa and Mastercard, “I also think it is important to recognize the shortcomings.” Yes, they will make it easier to use cryptocurrencies to buy things, “but they do so at the expense of some of crypto’s promise.” More specifically: “They tend to reduce — and, in some cases, completely eliminate — the financial privacy and censorship-resistant features of cryptocurrencies.” Those features are important, Luther added, and he hopes that future developments “will make it easier to use cryptocurrencies in routine transactions while preserving a high degree of anonymity.” Instilling confidence? Finally, what does all this mean in terms of adoption? Crypto adoption is still relatively low — at least as a percentage of the world’s population. And those who own it are often “just holding cryptocurrencies in hopes of price appreciation,” Luther added. But there is another way of looking at things. In this view, crypto is already a part of mainstream payments and financial services. “Some institutional investors hold cryptocurrencies. We have access to crypto futures and ETFs,” said Luther, and a soaring number of payment apps are making sending and receiving cryptocurrencies easier than ever. Related: Is a US stablecoin bill just around the corner? Visa’s new collaboration is also significant because of the impact that it could potentially have on people who, until now, have been hesitant to embrace cryptocurrencies — i.e., not just current wallet holders. The giant credit card companies could give crypto fence-sitters the confidence to act. If so, a sort of virtuous cycle could emerge because as “people become more comfortable with payment solutions, those solutions become more ubiquitous,” said Wasick. “There’s still a long way to go,” Luther summarized. “But cryptocurrencies have come a long way already.”

3 days ago
CryptoPotato
CryptoPotato
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TL;DR One of the largest banks in Egypt collaborates with Ripple for blockchain-based cross-border payments and enters the NFT space. Ripple supports global CBDC initiatives and partners with banks worldwide, focusing on sustainable and efficient blockchain solutions. The Latest Bank to Collaborate With Ripple One of the biggest banks in Egypt – Commercial International Bank (CIB) – teamed up with Ripple “to implement blockchain technology, enhancing the efficiency of cross-border payments.” The financial institution also hopped on the non-fungible token field, allowing customers to create unique and collectible NFTs. “This initiative establishes a digital token ecosystem for the tourism industry, streamlining payments and offering loyalty rewards to travelers,” the bank emphasized. The CIB’s leap into crypto coincides with the Egyptian government’s intentions to actively explore the potential of blockchain technology and harness it for “innovative advancements across diverse sectors.” This is the second major local financial institution to announce a partnership with the American company, with the National Bank of Egypt doing so in 2021. Ripple has been eyeing global expansion in the past few years due to the regulatory uncertainty in the US and the ongoing lawsuit against the United States Securities and Exchange Commission (SEC). Other financial institutions that have inked deals with the company over the years include Thailand’s oldest bank – Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank. Ripple and CBDCs Ripple has also supported the efforts of several countries to launch a central bank digital currency (CBDC). In 2021, it collaborated with the Royal Monetary Authority (Bhutan’s central bank) to create a digital version of the ngultrum. The small land-locked country in the Himalayas is known to be the only carbon-negative nation across the globe. Ripple explained that the CBDC would double down on that policy: “Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy efficient than proof-of-work blockchains.” Another institution that picked Ripple to introduce a CBDC plot project is the National Bank of Georgia (NBG). James Wallis (VP of Central Bank Engagements at the company) claimed the solution could drive transformative progress in the country’s public sector. The post Ripple Inks an Important Deal With a Major Bank: Details appeared first on CryptoPotato.

4 days ago
Crypto Expert BNB
Crypto Expert BNB
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🚡Ripple’s XRP Achieves Stablecoin Status, Recognized by World Bank 🌐 ☔☔☔☔☔☔☔☔☔☔☔☔☔☔↗ 🎯The World Bank's formal recognition of Ripple's native cryptocurrency, XRP, as a stablecoin marks a significant milestone for the company and its digital asset. This acknowledgment underscores XRP's increasing acceptance and utility within the global financial sphere. ................,..................................... 🚀🚀if you want 3 usdt then open my first pinned post,click my profile pic to open and claim 3 usdt🦄🦄🦄🦄🦄🦄🦄🦄🦄🦄 🎯The conversation gained momentum following a tweet by a prominent Ripple supporter, prompting insights from Sean McBride, a former director at Ripple. McBride reiterated his confidence in XRP's utility and its strides towards widespread adoption. 🎯Despite speculation about Ripple potentially issuing a new stablecoin, McBride highlighted the World Bank's recognition of XRP as a stablecoin. This validation reinforces Ripple's efforts to establish XRP as a dependable medium for cross-border payments and settlements, hinting at its potential evolution into a stablecoin. 🎯However, the World Bank's classification has stirred controversy, with analysts suggesting it may be influenced by the XRP Ledger's plans to introduce a stablecoin. Nonetheless, this acknowledgment from a prestigious institution bolsters Ripple's credibility and XRP's utility in the financial ecosystem. 🎯The discussion also reignited debates about Ripple's decision not to launch a liquid stablecoin on the XRPL in recent years. Speculation suggests Ripple's focus on positioning XRP as a bridge currency for Central Bank Digital Currencies (CBDCs) may have influenced this strategic choice, prioritizing XRP's role over private stablecoin 🎯This ongoing discourse provides insight into the strategic considerations Ripple faces as it navigates the evolving digital currency landscape. 🚀📊 #PIXEL #Write2Earn #Sei #TrendingTopic #Launchpool

8 days ago
CRPTOHOLICS
CRPTOHOLICS
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HOW WOULD BITCOIN BE AFFECTED IF TRUMP WERE TO BE RE ELECTED?? The potential re-election of Donald Trump has sparked intense speculation within the crypto community, raising questions about its impact on Bitcoin. As November elections approach, financial analysts and political pundits closely examine the intricate relationship between a second Trump term and the crypto market. DWS Group, managing $924.5 billion in assets, expresses concerns about inflation and higher bond yields, drawing parallels to the post-2016 surge in 10-year government bond yields. Trump's known economic strategies, which have historically triggered market fluctuations, contribute to an atmosphere of uncertainty regarding financial stability. CNBC's Rick Santelli highlights potential market volatility amid rising bond yields, specifically pointing to the 4.41% 30-year bond yield and its potential selling impact. Trump's criticism of the Federal Reserve and his hints at replacing Jerome Powell introduce the possibility of shifts in US monetary policy, influencing investor sentiments. Currency value fluctuations may consequently affect Bitcoin's appeal, particularly if inflation and increased bond yields become prominent. Trump's skepticism towards Central Bank Digital Currencies (CBDCs) and artificial intelligence paradoxically strengthens the case for decentralized cryptocurrencies like Bitcoin. His opposition to CBDCs, citing threats to financial autonomy and increased surveillance, adds an interesting dimension to the evolving crypto landscape. As Trump leads in pivotal swing states, the interplay between his economic and political strategies and Bitcoin's market position becomes intricate. Short-term market jitters could potentially elevate Bitcoin's status as a safe haven. However, the long-term impact hinges on broader economic outcomes, including inflation rates and the resilience of the US dollar. The cryptocurrency community braces for potential turbulence, navigating the unpredictable waters of Trump's economic legacy. #Write2Earn #PIXEL #TrendingTopic #BTC #Write2Earn

9 days ago
Coinpedia
Coinpedia
followers

The post World Bank Labels XRP a Cross-Border Stablecoin: Ignites Ripple Community Debate on Future Moves appeared first on Coinpedia Fintech News The World Bank’s recent classification of XRP as a stablecoin has caused a stir in the crypto community, sparking discussions about its implications for Ripple and its future plans. This classification came to light in a November 2021 research paper titled “Central Bank Digital Currencies for Cross-Border Payments,” where stablecoins were recognized for their role in facilitating efficient and secure cross-border transactions.  Despite reports citing XRP’s volatility as a drawback for payments, the idea of integrating stablecoin functionality into $XRP through Automated Market Makers (AMM) to address the banking sector’s stability demands remains highly speculative. Most community members argue that XRP can never be a stablecoin. The community is divided on the topic. Let’s see what the experts think.  Is the World Bank labeling XRP as a stablecoin a game-changer or just smoke and mirrors? In particular, the report highlighted XRP, Ripple’s cross-border payment currency, and XLM, the native asset of the Stellar network, as examples of stablecoins due to their stability in value relative to fiat currencies. The World Bank emphasized the efficiency of these assets in enabling faster and cheaper cross-border payments compared to traditional banking methods. Sean McBride, a former director at Ripple, recently drew attention to this classification, sparking speculation within the crypto community about Ripple’s potential plans regarding stablecoin issuance. McBride believes XRP could become a stablecoin, especially since the World Bank recognized it as one. This acknowledgment shows Ripple’s efforts to make XRP a reliable currency for global payments.  However, this stance by the World Bank has sparked controversy, with analysts speculating that it might be influenced by Ripple’s long-standing plans to launch a stablecoin. Despite this debate, the Wrath of Kahneman supports the idea, seeing it as a way to bring more stability and liquidity to XRP. What’s Pulling Ripple to Launch a Stablecoin?  Ripple has yet to introduce a stablecoin on the XRP Ledger (XRPL), prompting questions about their strategic decisions. Speculation from influencers like Mr. Huber suggests that Ripple’s focus on positioning XRP as a bridge between different digital currencies, particularly Central Bank Digital Currencies (CBDCs), may have influenced this choice. Moreover, Ripple sees private stablecoins as competitors to XRP’s role as a bridge currency, which explains their reluctance to introduce one.  Amidst these discussions, McBride’s confidence in XRP’s utility and the World Bank’s nod of its stability continue to drive the conversation forward, shaping Ripple’s strategic direction in the current volatile market conditions.

9 days ago
Metaverse King👑
Metaverse King👑
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🎉Big news for #Ripple fans! The World Bank has officially designated XRP as a stablecoin, marking a significant milestone for the digital asset and its growing acceptance in the global financial sphere.🌐 Former Ripple director Sean McBride has reaffirmed XRP's utility and Ripple's strategic vision, hinting at the potential evolution of XRP into a stablecoin in the future.🚀 This recognition has sparked debates within the #crypto market, with analysts noting that Ripple's focus on positioning XRP as a bridge currency for Central Bank Digital Currencies (CBDCs) may have influenced this strategic choice.🌉 As the World Bank's classification carries significant implications for Ripple and the broader crypto ecosystem, all eyes will be on Ripple's strategic decisions and the trajectory of XRP within the market. Stay tuned!👀

10 days ago
CoinFea
CoinFea
followers

The World Bank has formally designated Ripple’s native cryptocurrency, XRP, as a stablecoin. This classification signals a significant milestone for Ripple and its digital asset, affirming its increasing acceptance and functionality within the global financial sphere. The recognition came following discussions sparked by a tweet from a prominent Ripple supporter, further elaborated upon by insights from Sean McBride, a former director at Ripple. Validation of Ripple’s strategic vision Sean McBride’s reaffirmation of XRP’s utility and Ripple’s strategic direction underscores the company’s commitment to positioning XRP as a dependable medium for cross-border transactions. Despite speculation surrounding Ripple’s potential issuance of a new stablecoin, McBride’s emphasis on the World Bank’s recognition of XRP as a stablecoin solidifies Ripple’s efforts and hints at XRP’s potential evolution into a stablecoin in the future. The World Bank’s classification of XRP as a stablecoin has sparked debates and speculations within the cryptocurrency market. Analysts note that XRP Ledger’s plans to introduce a stablecoin might influence the World Bank’s stance. Ripple’s decision not to launch a liquid stablecoin on the XRPL in recent years has reignited discussions, with speculation suggesting that Ripple’s focus on positioning XRP as a bridge currency for Central Bank Digital Currencies (CBDCs) may have influenced this strategic choice. Implications for Ripple and the cryptocurrency market The World Bank’s recognition of XRP as a stablecoin carries significant implications for Ripple and the broader cryptocurrency ecosystem. It enhances XRP’s credibility and underscores the evolving nature of digital currencies and their potential to reshape the global financial landscape. Ripple’s pivotal role in these developments positions the company at the forefront of discussions surrounding cross-border payments and the future of digital currencies. As debates continue, stakeholders across the financial spectrum will closely monitor Ripple’s strategic decisions and the trajectory of XRP within the cryptocurrency market. The post Ripple’s XRP designated stablecoin by World Bank first appeared on Coinfea.

10 days ago
Cryptos Headlines
Cryptos Headlines
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According to Sean McBride, a former director at Ripple, there are suggestions that XRP might transform into a stablecoin, especially considering the World Bank’s acknowledgment of its potential in this regard. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com Ripple’s XRP is making headlines again due to ongoing discussions about the possibility of it becoming a stablecoin on the XRP Ledger (XRPL). Sean McBride, a former director at Ripple, joined a conversation initiated by a well-known Ripple supporter, Wrath of Kahneman, regarding the potential issuance of a stablecoin by Ripple and its impact on XRP’s role in the ecosystem. XRP’s Potential Evolution into a Stablecoin: McBride’s Perspective Sean McBride, a former director at Ripple, recently addressed speculations about XRP potentially becoming a stablecoin. While acknowledging the speculation, McBride expressed his confidence in XRP’s utility and the progress being made in its adoption. He also pointed out the World Bank’s classification of XRP as a stablecoin, hinting at the possibility of its future evolution in that direction rather than becoming a new US-pegged cryptocurrency by Ripple. The World Bank’s acknowledgment of Ripple’s native crypto as a stablecoin signifies its increasing acceptance and utility in the global financial landscape. This recognition validates Ripple’s efforts to position XRP as a dependable bridge currency for cross-border payments and settlements. However, the World Bank’s classification has sparked some controversy. Analysts suggest that the classification might be due to XRPL’s longstanding plans to introduce a stablecoin, rather than indicative of XRP’s current status. Moreover, speculations about Ripple-backed crypto transforming into a stablecoin have been deemed baseless. Wrath of Kahneman, a prominent Ripple supporter, reiterated his unwavering support for XRP following McBride’s response. He highlighted the potential benefits of a stablecoin revolution for Ripple, particularly in attracting significant liquidity. Kahneman suggested that a fully regulated stablecoin could address concerns about XRP’s volatility in payments, potentially drawing more liquidity to the XRP Ledger. Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com Ripple’s Strategic Direction: Debates and Speculations The recent discussion surrounding Ripple’s potential introduction of a liquid stablecoin on the XRPL has raised questions about the company’s strategic decisions over the past decade. Crypto influencer Mr. Huber speculated that Ripple’s focus on positioning XRP as a bridge currency between Central Bank Digital Currencies (CBDCs) may have influenced its decision not to introduce a stablecoin on the XRPL during this time. According to Huber, Ripple perceives private stablecoins as competing technologies, leading the company to prioritize XRP’s role as a bridge currency instead. This emphasis on XRP’s utility in facilitating cross-border transactions amidst the emergence of CBDCs has sparked ongoing debates about Ripple’s strategic direction and its implications for the XRPL ecosystem. Amidst these debates, Sean McBride’s defense of XRP’s utility and the World Bank’s recognition of its stability have emerged as significant factors shaping the ongoing discourse. McBride’s reaffirmation of XRP’s value and the World Bank’s acknowledgment of its stability provide compelling arguments amidst discussions about Ripple’s strategic decisions and the potential evolution of the XRPL ecosystem. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice. #Ripple #XRP #Bitcoin #Altcoin #Cryptocurrency

10 days ago
Coinpedia
Coinpedia
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The post Former Ripple Director Says World Bank Tags XRP as Stablecoin appeared first on Coinpedia Fintech News In a recent tweet exchange initiated by Ripple supporter Wrath of Kahneman, the debate around XRP’s role in the stablecoin ecosystem gained momentum. Sean McBride, a former Ripple director, joined the conversation, offering insights into the ongoing discussions and shedding light on the World Bank’s classification of XRP as a stablecoin. XRP As A Stablecoin – WorldCoin Speaking about the possibility of XRP turning into a stablecoin, McBride expressed his belief in XRP’s usefulness. Notably, he pointed out that the World Bank sees XRP as a stablecoin, hinting it might change from being a new US-pegged cryptocurrency by Ripple. Ripple has tons of capital. I’m super interested in your thought here, though. Why move away from #XRP and its utility with progress being made, and many including the World Bank, already classifying #XRP as a stable coin? Thank you for all your research and insight, it’s truly… — Sean McBride (@seanmcbride16) February 14, 2024 Meanwhile, the World Bank’s recognition of XRP as a stablecoin adds a layer of legitimacy to Ripple’s efforts in positioning XRP as a reliable bridge currency for cross-border payments. This acknowledgment is a testament to XRP’s acceptance and utility within the global financial landscape. However, the controversial nature of the World Bank’s stance raises questions about its motive, with some analysts attributing it to XRPL’s longstanding plans to introduce a stablecoin. Ripple’s Long-term Choice  The discussion also raised questions about why Ripple hasn’t introduced a stablecoin on the XRPL in the past ten years. Some speculate that Ripple’s goal of positioning XRP as a bridge currency between Central Bank Digital Currencies (CBDCs) could be influencing this decision. Influencer Mr. Huber highlights Ripple’s perspective, seeing private stablecoins as rival technologies and giving precedence to XRP’s role as a bridge currency.  While debates persist about Ripple’s strategic direction, McBride’s support for XRP’s usefulness and the World Bank’s acknowledgment of its stability carry significant weight in ongoing discussions. XRP’s Evolving Role Amidst ongoing discussions about XRP potentially transforming into a stablecoin, the conversation is dynamic. It’s fueled by insights from industry insiders, Ripple supporters, and the noteworthy classification by the World Bank.  As Ripple’s strategic choices come under scrutiny, the evolving narrative prompts reflection on the potential transformations that could shape XRP’s role in the broader crypto landscape.

10 days ago
Cryptopolitan
Cryptopolitan
followers

The World Bank has officially recognized Ripple’s native cryptocurrency, XRP, as a stablecoin. This classification marks a significant milestone for Ripple and its digital asset, underscoring its growing acceptance and utility in the global financial landscape. The discussion around this development was sparked by a tweet from a well-known Ripple supporter, leading to further insights from Sean McBride, a former director at Ripple. Ripple’s strategic vision and XRP’s utility In response to the discussions initiated on social media, Sean McBride reiterated his confidence in XRP’s utility and the strides made towards its widespread adoption. Despite the speculation surrounding Ripple’s potential issuance of a new stablecoin, McBride highlighted the World Bank’s recognition of XRP as a stablecoin. This acknowledgment validates Ripple’s efforts to position XRP as a reliable medium for cross-border payments and settlements and hints at the possibility of XRP evolving into a stablecoin in the future. The classification by the World Bank, however, has not been without controversy. Analysts have pointed out that the World Bank’s stance might be influenced by the XRP Ledger’s (XRPL) long-standing plans to introduce a stablecoin. Despite these speculations, the acknowledgment by a prestigious institution like the World Bank significantly boosts Ripple’s credibility and the utility of XRP within the financial ecosystem. The conversation around Ripple’s decision not to launch a liquid stablecoin on the XRPL over the past years has also been reignited. Crypto influencer Mr. Huber speculated that Ripple’s focus on establishing XRP as a bridge currency for Central Bank Digital Currencies (CBDCs) might have played a role in this strategic decision. This perspective suggests that Ripple views private stablecoins as competing technologies, thereby prioritizing the role of its native token as a bridge currency. Furthermore, the support for XRP following McBride’s comments has been notable, with Ripple enthusiasts like Wrath of Kahneman emphasizing the potential benefits of a stablecoin revolution. The argument is that a regulated stablecoin could attract massive liquidity to the ledger, addressing concerns over XRP’s volatility in payment scenarios. This discussion sheds light on the strategic considerations Ripple might be weighing as it navigates the rapidly evolving digital currency landscape. Implications for Ripple and the cryptocurrency market The World Bank’s classification of XRP as a stablecoin and the ensuing discussions underscore the complex dynamics in the cryptocurrency market. Ripple’s strategic decisions, particularly regarding the potential development of a stablecoin, are closely watched by investors, analysts, and enthusiasts alike. The company’s efforts to enhance XRP’s utility as a bridge currency and the World Bank’s recognition position Ripple at the forefront of discussions on the future of cross-border payments and digital currencies. As the debate continues, the implications for Ripple and the broader cryptocurrency ecosystem remain significant. The recognition by the World Bank not only lends credibility to XRP but also highlights the evolving nature of digital currencies and their potential to transform the global financial system. With Ripple at the center of these developments, the future of XRP and its role within the cryptocurrency market will be a key area of focus for stakeholders across the financial landscape.

10 days ago
Crypto_Awad
Crypto_Awad
followers

The world of digital currencies is interesting but can be very twisted at times. Now, one question stands out: Why hasn’t Ripple introduced its stablecoin on the XRP Ledger (XRPL)?Mr. Huber, a prominent member of the XRP community, has recently brought this to the forefront.Ripple’s Role in XRPL GrowthWhile Ripple utilizes XRPL for products like Ripple Payments, it curiously abstains from launching a stablecoin, unlike other blockchain networks. Mr. Huber, known for his insights, wonders about this decision, considering Ripple’s significant contributions to the XRPL’s growth.Mr. Huber’s inquiries aim to understand why Ripple has not added a liquid stablecoin to the XRPL ecosystem. Despite being a major XRPL contributor, Ripple maintains its stance, leaving Mr. Huber and the community puzzled.Stablecoins have found homes on various networks. Competitors like COTI and Near Protocol have integrated stablecoins like DJED and USDC into their ecosystems. However, the XRPL lacks Ripple’s stablecoin.XRP as a BridgeWhile stablecoins gain traction, Ripple continues to use XRP as a bridge currency for cross-border settlements, disregarding its volatility. Mr. Huber finds this choice perplexing but suggests it might be due to the instant nature of XRP transactions.Speculations arise about Ripple’s motives. Some believe Ripple might be eyeing XRP’s potential as a bridge between central bank digital currencies (CBDCs). Others think competition in the stablecoin market might influence Ripple’s decision.Did You Know? XRPL Under Scrutiny: Will New SEC Rules Cripple the AMM Launch?Community SpeculationsWithin the XRP community, debates persist. Some suggest Ripple could be considering using XRP as a stablecoin, while others point to market competition. Yet, Ripple’s official rationale for avoiding a stablecoin on XRPL remains unclear.As the Ripple-XRPL saga unfolds, the community remains inquisitive. The puzzle of why Ripple steers clear of a stablecoin on XRPL persists, leaving us to wonder about the motivations behind this intriguing decision. Only time will reveal the true story behind Ripple’s strategic choices. #Write2Earn $XRP

11 days ago

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