The 6 Stablecoin Initiatives Powered By XRP
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October 13, 2022 10:33 am
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Stablecoins have become a hot-button topic recently in the world of digital finance.
With a major meltdown that occurred earlier this year in assets such as Terra’s UST and the wider stablecoin market, investors are spooked, and rightly so.
The meltdown in these assets seemed to ripple out across the crypto markets at large, further exacerbating pressures on the market and accelerating downward price action.
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As the crypto community looks for viable alternatives to UST, USDT, HUSD, and others, Ripple’s XRP ledger may just be the underlying platform of choice for fresh, new projects.
Others point to the fact that XRP is already considered a stablecoin in and of itself by many international monetary institutions such as the world bank.
Here’s a list of current stablecoin projects being built on the XRP ledger:
Recently there have been a number of stablecoins announced on the #XRPL. Any others of note?
Stably (USDS)https://t.co/if42mckwZw
Stasis (EURS)https://t.co/xx6EXjkBpZ
Xago (XUS)https://t.co/ow1X7Osi9I
Palau (USD?)https://t.co/RvewlKBrcC
Novatti (AUDC)https://t.co/Zd5kiqN0Ld— WrathofKahneman (@WKahneman) October 8, 2022
I did not know the World Bank Group uses XRP and XLM as stablecoins in its future potential scheme (page 31). https://t.co/ezHgHcS6cu
— 🙏XRP🙏 (@XRPeople3) October 12, 2022
U Today mentioned that XRP is being used to power certain CBDC projects:
Last but not least, the state of Palau is experimenting with its central bank digital currency (CBDC) on XRPL. The cryptocurrency progress strategy for this country is also developed by Ripple.
XRP and XLM are stablecoins according to the WEF. Aren’t stablecoins coins whose value is pegged to or backed by an underlying asset? What is XRP and XLM’s value backed by that would make them stablecoins, according to our general understanding
— Mr.Grey ☀️ (@grey_bone1) October 9, 2022
Stablecoins are a decade old. The first blockchain to have them was the XRP Ledger. Several years before Ethereum even existed.
— Matt Hamilton (@HammerToe) October 8, 2022
Crypto Globe provided a snapshot for many of these projects:
STASIS, a leader in euro-backed stablecoins, has notably also launched its EURS stablecoin on the XRP Ledger, offering $XRP users access to a stablecoin tied to the value of the Euro. Moreover, South Africa-based fintech firm Xagu has launched its stablecoin $XUS on the XRP Ledger, offering investors another USD-backed stablecoin.
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