Ripple’s Middle East and Africa Managing Director Reveals Bold Stablecoin Plans
In a recent interview, Ripple’s Middle East and Africa Managing Director, Reece Merrick, expressed confidence in Ripple’s plans to create and launch its native Stablecoin. He highlighted the success of USD-backed Stablecoins like USDT and USDC in the market, indicating that Ripple’s venture would also be prosperous.
Reece Explains The Company’s Bold Step
Merrick discussed Ripple’s presence in Dubai for the past four years, focusing on fintech expansion and boosting crypto and blockchain adoption. He emphasized the strategic move to delve into the stablecoin market, which is currently valued at $150 billion and projected to reach $2.8-$3 trillion by 2028. Merrick noted the increasing demand for compliant and regulated businesses in this sector, envisioning a regulated USD-backed stablecoin by Ripple.
What Has Driven Ripple?
Ripple President Monica Long revealed that customer demand, especially from various financial institutions seeking more efficient global payments using a US dollar stablecoin, motivated Ripple to enter the market. She stressed Ripple’s 10+ years of legacy as a trusted, compliant, and secure player in the industry, making it well-suited to introduce a reliable US dollar stablecoin.
Monica Long also discussed the potential for XRP-spot ETFs, stating that its approval would align with the regulatory clarity of XRP and Bitcoin in the US. She highlighted XRP’s status as a top-ten crypto asset by market cap and a top-five performer in daily traded volume.
Major News For Ripple
In a significant development, the Russian President confirmed plans to establish an independent payment system and explore the integration of Ripple-associated XRP for cross-border settlements. This move could potentially trigger a significant rally for XRP in the market.
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