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Ripple Believes Stablecoin, RLUSD, Will Help XRP’s Growth and Not Overshadow Cryptocurrencies: Tech: Tech Times
Ripple’s upcoming stablecoin project will do wonders for the company and it believes this will help it grow, including its renowned cryptocurrency, XRP.
The company also clarified that its new RLUSD will not overshadow or overshadow its focus on XRP and will provide a more stable experience for its crypto offerings, offering a mutually beneficial experience.
It is known that Ripple’s stablecoin, RLUSD, is pegged to the US dollar and will vary greatly in offering, similar to what others offer.
Ripple believes its stablecoin, RLUSD, will help XRP
The recent XRP Ledger Apex Summit 2024 revealed huge developments regarding Ripple’s upcoming stablecoin. Chief Technology Officer David Schwartz clarified several things behind the company’s new asset.
Schwartz clarified that instead of overshadowing XRP, the RLUSD stablecoin would help the cryptocurrency achieve advantageous market outcomes.
(Photo: Jack Taylor/Getty Images)
Schwartz was asked about the clarity behind this massive shift from XRP to stablecoins, especially since regular cryptocurrency is best considered volatile in nature.
The contributor further explained that RLUSD would help “fully deploy” XRP’s strengths in the market, offering “optimized” entry and exit gateways for XRP.
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XRP and Ripple’s stablecoin synergy
Additionally, Schwartz views RLUSD as not a “threat” to XRP’s current position, arguing that he will see a “synergistic” relationship with the arrival of the stablecoin.
RLUSD will soon do wonders for XRP, helping it unlock its “full potential” in the market. The close ties between its two crypto assets will complement each other.
Stablecoins and cryptocurrencies
Ripple’s first cryptocurrency, XRP, has been around for a long time now. Early in 2021, it was believed to see a bullish run on the market, but also aroused skepticism from investors. That said, it has also entered the cryptocurrency market cycle, claiming a positive performance for XRP, which could constitute its “right shoulder” on the charts.
These sudden and massive changes on XRP are not something you would see on stablecoins, as they promise better stability. Most are tied to a legal tender currency in the world, and the US dollar is one of the most popular. Ripple entered the world of stablecoins earlier this year, calling it RLUSDand is also tied to the USD, going against Tether USDT and USD Coin.
RLUSD isn’t here yet, but Ripple has promised it’s coming soon. The company is working on its massive market debut to accompany its XRP. Both of Ripple’s crypto products are believed to be mutually beneficial in the future and will not compete or overshadow the other, with the future availability of the RLUSD stablecoin soon aiding XRP’s growth further.
Related article: Ripple’s Brad Garlinghouse believes cryptocurrency growth will double by 2025
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