All articles tagged with #xrp ledger
XRP has recently hit a new all-time high and, with the end of its legal battle, technological advancements, and expanding global use cases like On-Demand Liquidity, there is optimism about its potential to reach $10 in 2025, though it faces significant hurdles including market competition and token supply management.
Ripple has burned 53 million RLUSD tokens across the XRP Ledger and Ethereum blockchains in preparation for the launch of its USD-backed stablecoin, RLUSD. This move is part of Ripple's strategy to manage supply and boost demand ahead of the stablecoin's release, which is expected by the end of the year pending regulatory approval from the New York Department of Financial Services. The stablecoin will be backed by U.S. Treasury bills, dollar deposits, and cash equivalents, with monthly reserve certifications by BPM, an independent accounting firm.
Ripple, the developer behind the XRP Ledger, is entering the stablecoin market with a new token pegged to the U.S. dollar, aiming to provide transparency and stability. The company plans to release the stablecoin later this year, backed by U.S. dollar deposits and short-term U.S. government Treasuries. Ripple's move comes as stablecoins gain popularity, with a focus on targeting enterprise customers and banking institutions, emphasizing a "compliance-first mindset" and using U.S. banks to hold reserves. Ripple's entry into the stablecoin market is seen as an opportunity to tap into the growing demand for stablecoins, currently dominated by Tether's USDT and Circle's USDC.
Despite concerns over the Ripple vs. SEC lawsuit, the XRP Ledger (XRPL) has shown significant growth in various areas during Q2 2023. The circulating market cap of XRP increased by 42.5% year-to-date, although it declined by 10.7% in Q2. While transaction volume decreased, there was a notable increase in average daily NFT transactions. The XRPL also saw expansion in sidechains and achieved a 31.8% growth in total new address count. Despite challenges, Ripple's ecosystem is driving utility adoption and progressing towards providing sustainable value and utility.