In the XRP Las Vegas 2024 event held on May 3rd and 4th, amidst prominent crypto personalities, Ripple’s CEO Brad Garlinghouse clarified all the doubts and claimed its 100% commitment to XRP during a fireside chat.
He stated that anybody doubting Ripple’s commitment to XRP is missing and ‘has lost the plot’. Brad’s comments prove significant as the Stablecoin launch is nearing. Brad had also extended support to XRP earlier, claiming that it was not a security alongside Ethereum.
Ripple’s recent development of launching a stablecoin this year on the XRP ledger and Ethereum is one of the factors why investors questioned Ripple’s support for XRP. It was believed that Ripple would choose Stablecoin over XRP for international payments while juggling legal hassles and navigating the U.S. regulatory complexities.
Secondly, following XRP’s exclusion from Ripple’s liquidity hub, several community members believed it was due to the ongoing SEC lawsuit. After the federal court ruled in favor of XRP of not being a security, an immediate inclusion was expected. However, USDT and USDC were added instead. XRP was excluded due to regulatory issues in the U.S. as Bill Morgan later clarified that the issues over Ripple’s use and sale of the crypto asset were not yet resolved.
Moreover, Ripple’s CTO hinted at the launch of a stablecoin in June, which will bridge the gap between traditional finance and crypto markets. The CEO also revealed robust compliances, which will enable easy international payments and a global network. Furthermore, the stablecoin will be backed by U.S. dollar deposits, government bonds, and cash equivalents in a 1-to-1 ratio, ensuring users’ stability and security.
At the XRP Las Vegas conference, the CTO revealed an upcoming disclosure at the XRPL Apex event in Amsterdam on June 11-13. This could be a game-changer for the XRP ledger ecosystem as XRP’s dex capabilities, Automated Market Making (AMM), and the stablecoin are set to open new opportunities for the defi apps.
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