XRP To Become Gold-Backed Stablecoin?
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February 17, 2024 7:36 pm
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Banks and financial institutions around the globe are looking for a solution to tokenize their gold reserves.
Although gold is one of the few, true forms of money, it does not come without its drawbacks—drawbacks inherent to all precious metals.
The first drawback is that gold requires costly audits; additionally, gold and other precious metals can only be broken down so many times. Precious metals are also heavy to carry around.
Finally, gold cannot be transferred electronically—making it less desirable as a currency should one choose to use it that way.
Tokenizing gold would solve all of these problems and XRP could be the catalyst that finally brings about a gold-backed stablecoin.
Black Swan Capitalist explained: “We’ve been vocal about the World Bank, IMF, and World Gold Council openly discussing the need for a gold-backed stablecoin for central banks to tokenize gold reserves. After much research, we believe XRP will be the key.”
We've been vocal about the #WorldBank, #IMF, and World Gold Council openly discussing the need for a #gold-backed #stablecoin for central banks to #tokenize gold reserves
After much research, along with @vandell33 & @MilesFranklinCo we believe #XRP will be the key https://t.co/C55QJaLkOx
— Black Swan Capitalist (@VersanAljarrah) February 16, 2024
Market Analysts Speculate Ripple's XRP Could Evolve Into a Gold-Backed Stablecoin
Market analysts are speculating that Ripple's XRP could potentially become a gold-backed stablecoin, which would differ from traditional USD-pegged stablecoins. Black Swan Capitalist Founder Versan…— DexBot (@dexbot) February 17, 2024
ZY Crypto speculated:
There has been speculation that XRP could be backed by gold amid talks that XRP could be accepted by global banks and other financial institutions for international settlements and would be backed by gold for its fair value.
$SHX Explained
– Ripple's Acquisition
– Gold-Backed Stable Coin
– Banking Crisishttps://t.co/rJnbk3LJtr— Jay Grissom 🍌🦍 (@jfgrissom) February 16, 2024
#XRP could be the key to gold-backed stablecoins, as global banks and institutions may adopt it for cross-border payments(@VersanAljarrah). XRP is not a security, but a payments stablecoin, according to former @Ripple director. pic.twitter.com/iBrzJ9Q5Mb
— Ichi (@Z_Ichi_) February 17, 2024
Coinpedia added:
Former Ripple director Sean McBride’s comments added fuel to the fire, emphasizing the World Bank’s surprising classification and igniting conversations about XRP’s evolving role.
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