Coin Edition -
- JackTheRippler shows confidence in Ripple’s proposed stablecoin.
- he RLUSD will be pegged 1:1 by the U.S. Dollar.
- The influencer believes the stablecoin would make XRP the bridge to other digital currencies.
The renowned crypto influencer JackTheRippler on X believes the proposed Ripple stablecoin (RLUSD) will take over the stablecoin market. In a recent post, JackTheRippler highlighted that the “high-quality U.S. stablecoin” will be pegged 1:1 by the U.S. Dollar, and XRP will become the bridge between stablecoins and any other digital currency.
The stablecoin from @Ripple ( $RLUSD ) will take over the stablecoin market. The high-quality U.S stablecoin will be pegged 1:1 by U.S Dollar! #XRP will be the bridge between stablecoins and every other digital currency. pic.twitter.com/BcnLWYzO7j— JackTheRippler ©️ (@RippleXrpie) June 1, 2024
JackTheRippler shared a snippet of Brad Garlinghouse, Ripple’s CEO, commenting about the upcoming stablecoin in a CNBC interview. Responding to why Ripple is venturing into the stablecoin market, Garlinghouse explained that it relates to where the crypto market is going.
The Ripple CEO noted that the stablecoins market is forecasted to reach between $2 trillion and $3 trillion in the future, compared with its current size of between $150 billion and $200 billion. He described the stablecoin ecosystem as one of the “fund markets to be in that are growing quickly.”
Additionally, Garlinghouse told the CNBC reporter that he thinks there is some shift in market share, highlighting that Tether is currently the most dominant stablecoin. However, he predicts a market share shift, noting that despite the continued growth of stablecoin giants like Tether and the USDC, there is plenty room for a Ripple-backed stablecoin.
Garlinghouse appeared confident about the proposed Ripple stablecoin despite ongoing legal challenges by the U.S. Securities and Exchange Commission (SEC). In its May 7 redacted remedies reply brief, the SEC accused Ripple of continued engagement in unregulated activities, describing the proposed Ripple stablecoin as an “unregistered crypto asset.”
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