{"id":2504,"date":"2024-11-12T11:33:20","date_gmt":"2024-11-12T11:33:20","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2504"},"modified":"2024-11-12T11:33:20","modified_gmt":"2024-11-12T11:33:20","slug":"ripple-usd-gains-early-customer-commitments-ahead-of-launch","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2504","title":{"rendered":"Ripple USD Gains Early Customer Commitments Ahead Of Launch"},"content":{"rendered":"
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Ripple President Monica Long has revealed that the company\u2019s upcoming US dollar stablecoin, Ripple USD (RLUSD), has already secured early customer commitments prior to its official launch. Speaking at the Singapore Fintech Festival, Long emphasized that stablecoins are set to become a \u201cmassive trend\u201d in the payments industry.<\/p>\n

Ripple Is Waiting For Regulatory Approval<\/h2>\n

In an interview<\/a> with CNBC\u2019s Tanvir Gill, Long discussed the burgeoning market for stablecoins and their projected growth. \u201cStablecoins generally are about $170 billion in terms of market cap today, but that\u2019s projected to be north of $3 trillion in just a few years because there\u2019s going to be more demand drivers like payments,\u201d she said. \u201cWe talk about Ripple, and we process more than $70 billion through assets, so this use case is going to be a massive trend.\u201d<\/p>\n

Long highlighted the increasing interest from major payment players in adopting stablecoins for transactions. She cited Stripe\u2019s recent acquisition<\/a> of Bridge as an example of traditional financial institutions leaning into the stablecoin space. \u201cThat\u2019s a major payment player that\u2019s leaning into using stablecoins for payments,\u201d she noted.<\/p>\n

When asked about competition with existing stablecoins, Long expressed optimism about market expansion rather than direct rivalry. \u201cI expect the market to really expand,\u201d she stated. \u201cFrom our perspective, we have the use case; we have customers who already want to use stablecoins in payments, so we think that we can be a great provider.\u201d<\/p>\n

Regarding the launch of RLUSD,<\/a> Long emphasized the importance of regulatory approval. \u201cThe Ripple US dollar [stablecoin is] not yet launched; we\u2019re operationally ready, but really important to us is having approval from the regulators,\u201d she explained. \u201cThe New York Department of Financial Services is reviewing our trust application.\u201d<\/p>\n

Long also addressed the potential for other fiat-backed stablecoins to gain prominence. \u201cSince more stablecoins are pegged to the US dollar and most transactions of stablecoins happen in the US dollar, do you think that dollarization could be the way forward?\u201d Gill asked. Long responded, \u201cI believe so, and it comes back to use cases like payments where you think about traditional use cases and there\u2019s real need for foreign exchange there. I do think that we\u2019ll see new forms of fiat currency turned into stablecoins.\u201d<\/p>\n

She noted regional preferences in the adoption of stablecoins, particularly in Latin America. \u201cThere\u2019s certain markets, like for example we see in Latin America, where there is a preference for a US dollar stablecoin, but I do think that the world will open up to more types of stablecoins<\/a>,\u201d Long said.<\/p>\n

Following the event, Long took to X (formerly Twitter) to reiterate the industry\u2019s focus on stablecoins: \u201cBack from a fantastic week at Singapore Fintech Festival\u2014on and off stage, everyone was talking about stablecoins. I spoke with Tanvir Gill on CNBC on the growing demand (ex: LATAM wants USD-based stablecoins, but EUR and SGD could very well solidify their own place in the market), and how Ripple USD (RLUSD) already has customers ready to use it once it\u2019s publicly launched.\u201d<\/p>\n

At press time, XRP traded at $0.60.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

Ripple President Monica Long has revealed that the company\u2019s upcoming US dollar stablecoin, Ripple USD (RLUSD), has already secured early customer commitments prior to its official launch. Speaking at the Singapore Fintech Festival, Long emphasized that stablecoins are set to become a \u201cmassive trend\u201d in the payments industry. Ripple Is Waiting For Regulatory Approval In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2504","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2504"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2504\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}