Ripple’s President Monica Long announced that the company is likely to make its foray into the $161 billion stablecoin market by the end of the year. Speaking at the Money 20/20 conference in Amsterdam during an interview with CNBC, Long highlighted the burgeoning growth of the stablecoin market, forecasting a potential multi-trillion-dollar ecosystem for U.S. dollar-pegged tokens within the next three to five years.
The stablecoin market’s expansion is fueled by the increasing demand for U.S. dollars and an efficient, blockchain-powered global fiat-denominated payment system. Long stated, “We are currently focused on everything needed to bring a stablecoin to market, including regulatory compliance and institutional relationships.” The XRP issuer is poised to debut its stablecoin offering in 2024.
Ripple CEO Brad Garlinghouse also shared insights at the Consensus event last week, echoing the company’s intentions to enter the stablecoin space, though he did not specify a launch date.
WOW! 💥
Monica Long, President of Ripple, on the #Ripple ‚RLUSD’ stablecoin:
„It is likely to launch later this year!“ pic.twitter.com/HrPsrysSsT
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) June 5, 2024
Despite the strategic pivot towards stablecoins, Long emphasized XRP’s enduring significance. She pointed out that XRP’s role as a bridge asset for diverse currency pairs remains crucial. The decentralized ledger’s capacity to provide liquidity and support real-world asset tokenization continues to attract interest from financial stakeholders.
Meanwhile, the success of spot Bitcoin (BTC) ETFs in the U.S. has prompted issuers to seek approval for Ethereum (ETH) ETFs. This move has sparked debates about whether spot ETH ETFs will achieve the same success as their BTC counterparts. While some express skepticism due to Ethereum being less understood by investors, Long believes these concerns are unfounded. She asserted that Ethereum ETFs tracking spot markets will significantly boost crypto adoption, given Ethereum’s readiness for securities asset tokenization and its pivotal role in the burgeoning decentralized finance economy.
As Ripple prepares for its stablecoin launch, the company’s dual focus on innovation in both stablecoins and the existing XRP ecosystem underscores its commitment to advancing blockchain technology and its applications in global finance.
