Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC

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Quote from: mindrust on April 07, 2024, 09:25:52 AM

Quote from: DaveF on April 07, 2024, 08:59:39 AM

It's not just the ETH blockchain from what the article says they will be on the XRP chain too.
I can see that working for them due to fact that a lot of people have one or the other. Not sure how many users have both, so it might get their stablecoin in more hands.
As to it being NEEDED, do we really need another stable coin? I just don't see it.

-Dave

They won't stop, soon crypto will lose its meaning as stable coins take over everything unless, someone does something to stop this mad shit. There are 2 stable coins in the list of 10 biggest coins by market cap on CMC. (USDT and USDC) and I believe BUSD (binance USD) was there too before binance decided to shut it down (which was very good news, thanks to the SEC I guess)

XRP itself is shady as fuck, and why would anyone get any of their filthy product is beyond my understanding. Is XRP even crypto? Wasn't it a premined centralized database?

And you say it will be available on the XRP chain, mind blowning. Scam^{scam^scam}

I very much disagree because stablecoins are not the cryptocoins that represent the whole cryptospace. Also, if that is your argument on crypto losing its meaning, I reckon that there might be a more dangerous example of this. The bitcoin spot ETF and the new mayor of bitcoin might be the one to make everyone witness that crypto is losing its meaning. It will not be anymore living under the principles from which it was created and developed. It will be more about the market and speculation.

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Quote from: mindrust on April 07, 2024, 09:25:52 AM

They won't stop, soon crypto will lose its meaning as stable coins take over everything unless, someone does something to stop this mad shit. There are 2 stable coins in the list of 10 biggest coins by market cap on CMC. (USDT and USDC) and I believe BUSD (binance USD) was there too before binance decided to shut it down (which was very good news, thanks to the SEC I guess)

XRP itself is shady as fuck, and why would anyone get any of their filthy product is beyond my understanding. Is XRP even crypto? Wasn't it a premined centralized database?

And you say it will be available on the XRP chain, mind blowning. Scam^{scam^scam}

I think stablecoins are really important for the crypto market, even though they come with some risks related to proof of reserves. I also use USDT and USDC to store my assets in order to avoid depreciation of the local currency against USD, and also have a higher APR than bank interest rates for fiat.

However, I don't like the centralization of the stablecoin market on USDT and USDC. The new stablecoin from Ripple can be operated on Ripple's network and will compete with USDT and USDC in terms of market cap. We will see more interesting events this season, such as the return of XRP when Ripple wins the lawsuit against the SEC.

I am just an investor, I don't hate any token, whether it is USDT or XRP, as long as it brings me profit, I consider it a worthwhile investment.

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If they do provide a stablecoin "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." it would be a good option. Though the last part "other cash equivalents" is vague. If that is something people could trust, the stablecoin would be a hit. Even thought the Ripple vs SEC is still to end, every steps are bringing Ripple closer to win. If you are betting on the win, a Ripple bull would be imminent after win. Stablecoins on the other hand don't change in relative price against fiat so there's no hurry to jump into. we could just wait and see how well it would be received.

mindrust

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Quote from: DaveF on April 07, 2024, 08:59:39 AM

It's not just the ETH blockchain from what the article says they will be on the XRP chain too.
I can see that working for them due to fact that a lot of people have one or the other. Not sure how many users have both, so it might get their stablecoin in more hands.
As to it being NEEDED, do we really need another stable coin? I just don't see it.

-Dave

They won't stop, soon crypto will lose its meaning as stable coins take over everything unless, someone does something to stop this mad shit. There are 2 stable coins in the list of 10 biggest coins by market cap on CMC. (USDT and USDC) and I believe BUSD (binance USD) was there too before binance decided to shut it down (which was very good news, thanks to the SEC I guess)

XRP itself is shady as fuck, and why would anyone get any of their filthy product is beyond my understanding. Is XRP even crypto? Wasn't it a premined centralized database?

And you say it will be available on the XRP chain, mind blowing. Scam^{scam^scam}

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Quote from: Bureau on April 04, 2024, 10:52:02 PM

Another stable coin and now it from Ripple, great! Why would they want to use Ethereum blockchain? They would then need to compete with Tether. Which I don't think will help them but the XRP army would now start believing again that XRP will go to moon after this news. They should remember that the fight with SEC is not yet over and things can go from good to bad.

It's not just the ETH blockchain from what the article says they will be on the XRP chain too.
I can see that working for them due to fact that a lot of people have one or the other. Not sure how many users have both, so it might get their stablecoin in more hands.
As to it being NEEDED, do we really need another stable coin? I just don't see it.

-Dave

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Quote from: mindrust on April 04, 2024, 11:28:38 PM

“100% backed by USD” they said, if I know these fraudsters well and I know them well, it will be 1% backed by some seashells. I guess this is how they are planning to destroy crypto. They’ll create a massively inflated bubble first and they’ll also own the needle. (Unbacked stable coins) That way they can cut off the liquidity anytime they want, crash the markets and rip people off. Bitfinex already has been doing it with their unbacked usdt and now ripple says they’ll do it better and bigger.

I think all stable coins should be banned asap.

That is a headshaking statement from someone who has witnessed the development of the cryptospace since 2013.

No one can destroy crypto by creating a stablecoin to push big inflows of dollars in the cryptospace through a stablecoin. We can be quite certain that this will only create a bull market which will also create more hype which will will cause more people to enter and adopt the cryptospace.

On Ripple as an example, they cannot cut off the liquidity whenever they want because they are regulated, they do not hold all the stablecoins. Also, if they have a power off button to kill everything, why would they do this? Do they want to kill their own company?

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Quote from: bbc.reporter on April 04, 2024, 08:28:01 PM

Is the XRP army in the forum? It appears Ripple has a roadmap for 2 stablecoins, XRP and a dollar derivative hehehehe.

What we should learn from this news is Ripple's statement about their prediction on the stablecoin market. According to them this will grow from $150 billion to $2.8 trillion. I reckon if we will not become rich during this bull market, I am quite certain that we will have another chance on the next.

This is not good news but the XRP army would be happy with the development and will now pump XRP more without even realizing the trap they might be getting into. On one hand, news of bots being used to manipulate the XRP price which the SEC submitted to the court back in 2015 and 2016. Then this news of them launching a stablecoin by the end of this year to tap into the speculative trillion dollar market. The thing is that they cannot come out with such news while they are fighting for their existence in the court against the SEC. Still, if they do then they are either confident that they will win or they are trying to create a false narrative that everything is ok with the XRP army and divert their attention from the main issue that they are facing.

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Quote from: Bureau on April 04, 2024, 10:52:02 PM

Another stable coin and now it from Ripple, great! Why would they want to use Ethereum blockchain? They would then need to compete with Tether. Which I don't think will help them but the XRP army would now start believing again that XRP will go to moon after this news. They should remember that the fight with SEC is not yet over and things can go from good to bad.

Because it's simply where 90%+ of the non-bitcoin money is lol. They're likely to have more dominance on other networks, but the market share would be minuscule.

As for XRP — I'm pretty sure XRP wouldn't even have any value accrual off this stablecoin lmao but they're gonna be bullish regardless.

mindrust

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“100% backed by USD” they said, if I know these fraudsters well and I know them well, it will be 1% backed by some seashells. I guess this is how they are planning to destroy crypto. They’ll create a massively inflated bubble first and they’ll also own the needle. (Unbacked stable coins) That way they can cut off the liquidity anytime they want, crash the markets and rip people off. Bitfinex already has been doing it with their unbacked usdt and now ripple says they’ll do it better and bigger.

I think all stable coins should be banned asap.

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I think that the growth of the USDT percentage will make it competitors, and we are now seeing more serious stablecoin projects, although I do not know how they will overcome the regulatory obstacles, especially since they have a long-term conflict with the SEC.
The quote that caught my attention the most was “100% backed by U.S. dollar deposits, short-term U.S. government treasures and other cash equivalents.” Then again, they claim that it is 1:1 to the dollar, but in reality, the monetary cover that will be available is either the U.S. Dollar deposits, treasury bonds, or any rapidly liquid asset, meaning that if a problem occurs, the link may be easily removed, especially if their bank accounts are blocked.

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Another stable coin and now it from Ripple, great! Why would they want to use Ethereum blockchain? They would then need to compete with Tether. Which I don't think will help them but the XRP army would now start believing again that XRP will go to moon after this news. They should remember that the fight with SEC is not yet over and things can go from good to bad.

bbc.reporter

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Is the XRP army in the forum? It appears Ripple has a roadmap for 2 stablecoins, XRP and a dollar derivative hehehehe.

What we should learn from this news is Ripple's statement about their prediction on the stablecoin market. According to them this will grow from $150 billion to $2.8 trillion. I reckon if we will not become rich during this bull market, I am quite certain that we will have another chance on the next.

Brad Garlichouse CEO of Ripple, slayer of securities laws

Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar.

"The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028," Ripple said in a statement shared with CoinDesk. "There’s clear demand for stablecoins that deliver trust, stability and utility."

The company said the token, which it plans to release "later this year," will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." The stablecoin will be deployed onto Ripple's institution-focused XRP Ledger along with the Ethereum blockchain to start out, and it will be based on Ethereum's ERC-20 token standard.

Read in full https://www.coindesk.com/tech/2024/04/04/ripple-developer-behind-xrp-ledger-enters-stablecoin-fray-vs-tether-usdc/

Topic: Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC (Read 105 times)