🌎 Ripple Eyes Entry into $161 Billion Stablecoin Market by 2024

Ripple president Monica Long has announced that the XRP issuer is likely to enter the $161 billion stablecoin market before the end of the year. The stablecoin market is expanding rapidly, with experts predicting a multi-trillion-dollar ecosystem for U.S. dollar-pegged tokens in the next three to five years, according to Long.

Long highlighted that the stablecoin market is primarily driven by the demand for access to U.S. dollars and an efficient global fiat-denominated payment system powered by blockchain technology. “We are currently focused on everything needed to bring a stablecoin to market, including regulatory compliance and institutional relationships,” Long explained. Ripple plans to debut its offering in 2024.

Ripple CEO Brad Garlinghouse also shared insights on the company’s stablecoin ambitions at a recent event, though he did not provide a specific launch timeline. Despite this new venture, Long emphasized the ongoing relevance and use case for XRP. She noted that retaining XRP as a bridge asset for a wide range of currency pairs remains a viable long-term strategy. The decentralized ledger will continue to provide liquidity and power real-world asset tokenization, a sector gaining interest from financial stakeholders.

In other news, following the success of spot Bitcoin (BTC) ETFs in the U.S., issuers have submitted bids to list the same product backed by Ethereum (ETH), crypto’s second-largest asset. There are debates regarding whether spot ETH ETFs will achieve similar success to their BTC counterparts. Some argue that Ethereum, being the second cryptocurrency, might be more complex for investors to understand.

However, due to improved crypto education and the involvement of industry leaders like BlackRock, Long believes concerns that spot Ether ETFs could fail are unfounded. She opined that Ethereum ETF tracking spot markets will be a significant catalyst for crypto adoption, as the blockchain is well-suited for securities asset tokenization and a decentralized finance economy ready to handle large capital inflows.