Ripple, a blockchain-based digital payment network and protocol, appeared as the best solution for stablecoin issuers in the selection of best blockchain.
On November 23, 2022, Ripple shared the insights on its official site titled as “The Global Stablecoin race is On.” It also shared the information that “as global stablecoin adoption continues, new partners like Stably_Official and stasisnet are tapping into the power of the XRPL to issue stablecoins.”
Stablecoins are a type of cryptocurrencies that are designed to peg its market value to reference assets, that can be fiat money, exchange-traded commodities, or any cryptocurrency. And Central Bank Digital Currency (CBDC) is digital currency that is issued by Central Banks.
Ripple noted that this year might be remembered as the Year of the Stablecoin. Despite the implosion of Terra, the stablecoin sector rebounded to reach a new high of $1 Trillion in monthly trading volume in August, and has been on the agendas of the World Economic Forum, the Committee on Payments and Market Infrastructure and U.S. regulators as they continue to evaluate its role and impact on economic markets.
The new partners like Stably and STASIS together with Ripple, they’ll be tapping the XRP Ledger (XRPL) as a fast, low-cost and scalable blockchain that offers clear liquidity, reliability and interoperability advantages for stablecoin issuers.
Ripple gave the reason that a chain’s sustainability and interoperability are also increasingly important determining factors as it continues to shift towards a greener, multi-chain future. Thus the XRPL is best-suited to support stablecoins at scale, as per the recent report by Ripple.
Moreover, Web3 payment infrastructure provider, Stably, chose to issue its USDS stablecoin on the XRPL as it offers liquidity and settlement at scale for tokenized assets. Stably enables individuals and businesses from 200+ countries to mint and redeem USDS directly on the XRP Ledger.
Ripple is also working with the Republic of Palau to help explore a potential government-backed stablecoin on the public XRPL.
John E Deaton, a Blockchain Enthusiast, noted that XRP has been a Top 10 Crypto for a decade. He pointed out that when FinCEN settled with Ripple in 2015 XRP was 2. Between 2017-2018 it battled with Ethereum (ETH) consistently for 2. In October 2018 even after Hinman gave ETH a free pass XRP was briefly 2. And then XRP was 3 when the SEC sued Ripple in December 2022.
As per the data, XRP has issued as the top gainer among the top-100 cryptocurrencies in the last 24 hours. Its price surged by more than 9% over the past day. It is trading at an average price of $0.40, while writing. And the global crypto market cap marked a drop of around 2% in recent days.