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Ripple Reveals New Efforts For Stablecoins To Be Created On The XRP Ledger | XRP Right Now

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Ripple Reveals New Efforts For Stablecoins To Be Created On The XRP Ledger

Chief Technology Officer David Schwartz said Ripple is working on “exciting” new features to broaden the ledger’s functionality and allow third-party users to introduce other cryptocurrencies into the XRP ecosystem.  This was announced to during the latest Ripple Drop (video below).

Similar features exist on other blockchains, most notably Tether, which runs stablecoin layers on multiple networks simultaneously. Schwartz said
asset-backed tokens on XRP would have “guaranteed” liquidity because of the ledger’s mechanics.

RippleNet has been developed significantly since it was created in 2012. The system’s users have long had the ability to perform transactions on a decentralized ledger. Soon they may be able to take advantage of a feature on the network which would allow them to mint asset-backed tokens like stablecoins on the XRP ledger. One feature Ripple may be unveiling would allow third parties to launch other third-party cryptocurrencies on the XRP system. The details of this feature have yet to be announced, but Schwartz mentioned it could be used to introduce fixed-value tokens like stable coins to the ledger:

“One of the features that I think is very exciting is a feature that would allow people to launch — well, stable coins are the obvious use case, but it’s not just stable coins — it’s essentially assets pegged to some external value.”

This is massive news for several key reasons.  First, if we look back on the 2017 bull run and we look at one of the main reasons why Ethereum was able to increase in value so much.  The Ethereum blockchain had many projects/tokens being built on top if it.  This led to a massive price increase in Ethereum as we saw it go from $8 to over $1200 the time the bull run was done.

The 2nd reason I explained in a video early today https://www.youtube.com/watch?v=aboYLcWpM6k&feature=youtu.be

Banks want to use XRP but that does not necessarily mean that they want to send XRP due to the volatility.   Here enters XRP backed stable Coins.  Banks can now hold a stable coin which will always be valued at a stable price.  This is how it all breaks down.

Bank A purchases $1,000,000 in USD Stable Coin

This $1,000,000 USD stable coin is collateralized by XRP.  Bank A has purchased 1.5million XRP to back there $1,000,000 USD stable coin.

Bank A now doesn’t have to worry about slippage when they are sending there USD stable coin to Bank B as they have the XRP to cover any slippage.  So, Bank A sends Bank B $1,000,000 – Bank B is guaranteed to get the full amount.  This will cause banks to buy up massive amounts of XRP that remain on the open market.

XRP backed stable coins are going to be absolutely massive as everything will run across the XRPL.

There was a full discussion in regards to stable coins on the XRPL back in October on XRPChat.

 

 

 

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