Ripple's Stablecoin: The future US CBDC?

Abiky

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Quote from: o48o on April 12, 2024, 05:06:07 AM

I honestly think that neither of these chains (eth or xrp) have any chance without radical L1 code rewriting. And i am not sure if ANY of the existing coins fit to the legal framework.
L2 solutions for them seem like a duct tape solution, and i am way out of my depth by the legal complexity of the whole issue, but what i am aware is that both chains lack the level of privacy that GDPR would need. And AML laws alone are complex for any permissionless transactions without L1 build in KYC.

What ever platform they choose in the end, it will most likely look very different from the current cryptos out there. And i would be surprised if incentives for protecting the chain (coins) would have cheap and fast transactions. Protecting privacy, integrity, and stability of chain worth trillions of dollars will cost some serious money.

I am also fairly certain that they won't use centralized system in the end, as no country out there would trust that one centralized entity enough.

I've seen stablecoins with a "blacklist" feature "baked" into the code. If they can do that, it'll be easy enough to make a regulatory-compliant digital currency on a public blockchain network. The real problem would be obfuscating sensitive transactions. Especially on transparent ledgers such as Ethereum and XRP. ZKPs (Zero Knowledge Proofs) provide the solution to this, but I doubt the XRP developer team are going to integrate it. It makes more sense to develop a private blockchain network where central banks like the FED and ECB have full control over it. Existing stablecoins could be "bridged" to such chain if governments want to.

Whenever Ripple's stablecoin, Tether's USDT, or Circle's USDC will be the next US Digital Dollar, you can be certain that paper money's days are coming to an end. The world will be fully digitized, giving governments more control over our lives. We won't truly own anything. I sure hope BTC stays alive by the time CBDCs rule the world. Otherwise, it will be the end of privacy and freedom for good. Sad

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in .

Yes ripple is based in the US but that does not mean they are directly related to the American government itself. They still are a private company that operates independently of the government.

Quote

Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

It’s difficult to say because the government’s stance about crypto might change but if ever it does happen USD will definitely have more advantages especially in the digital finance sector.

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Quote from: Abiky on April 10, 2024, 12:15:03 PM

Of course. I'm aware of the differences between stablecoins and CBDCs. What I meant was central banks (in this case, the FED) making a partnership with a crypto company to launch the new CBDC. The US could hire Ripple, Circle, or even Tether for the creation of the new "Digital Dollar". Or they can use an existing stablecoin and officially declare it as the digital USD.

I believe Ripple has a better chance for this, because it has its own blockchain network (or should I say "Distributed Ledger"). Tether doesn't have its own Blockchain, while its USDT stablecoin lives across multiple public blockchain networks. PayPal has its own stablecoin (PYUSD), but it's far behind giants such as USDT and USDC. I wonder how successful Ripple's new stablecoin will be? Cheesy

I honestly think that neither of these chains (eth or xrp) have any chance without radical L1 code rewriting. And i am not sure if ANY of the existing coins fit to the legal framework.
L2 solutions for them seem like a duct tape solution, and i am way out of my depth by the legal complexity of the whole issue, but what i am aware is that both chains lack the level of privacy that GDPR would need. And AML laws alone are complex for any permissionless transactions without L1 build in KYC.

What ever platform they choose in the end, it will most likely look very different from the current cryptos out there. And i would be surprised if incentives for protecting the chain (coins) would have cheap and fast transactions. Protecting privacy, integrity, and stability of chain worth trillions of dollars will cost some serious money.

I am also fairly certain that they won't use centralized system in the end, as no country out there would trust that one centralized entity enough.

Abiky

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Quote from: Vincom on April 10, 2024, 07:38:48 PM

I don't think Ripple's stablecoin will become the US CBDC because Ripple is not the FED. CBDC is money issued and managed by the central bank, not by private organizations like Ripple or Tether, so we can rest assured that Ripple will not create CBDC for adoption in the near future. Ripple's stablecoin will likely compete with USDT and USDC, although I'm not sure about this, we don't have much information to make a judgment.

However, I wouldn't be surprised if the future US CBDC is deployed on the Ripple network. Ripple's technology is really good, their partner network is very large and could become an environment for the FED to experiment or deploy CBDC. This is also just a possibility, the bigger and better possibility is that CBDC will be deployed on a public, decentralized and secure blockchain - Ethereum.

Of course not. But the FED can make a partnership with Ripple to make its own CBDC. Ripple can manage network operations (nodes, consensus, etc), while monetary policy will be in the hands of the FED. A much easier route would be to declare any of the popular USD-backed stablecoins as the official US Digital Dollar. It could be Ripple's new stablecoin, Tether's USDT, Circle's USDC, or even PayPal's PYUSD.

Given how popular crypto/Blockchain tech has become, I think this will happen a lot faster than we've previously imagined. I'm just speculating here. I don't think the FED will use a public blockchain network because that would reveal all of its activities on-chain (transparency). A privately-owned chain, or a chain with privacy features would be most suitable for the new CBDC. The future can't be predicted, so we can only hope for the best. Cheesy

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Quote from: goaldigger on April 10, 2024, 04:39:01 PM

Quote from: terrific on April 10, 2024, 04:13:25 PM

If Zuck did just proceed with the Libra project then it's gotta be the future US CBDC and the US state did know how it can influence the entire world.
But then, they want Zuck to stop with its plan and just moved on to another project. While with this Ripple's stablecoin that they'll launch soon.
I still don't know if it's going to be big but I think that there's a connection of it trying to boost some movement with their XRP.

Looks like XRP is trying to deal with this thing just to save XRP itself or they have to redirect their funds before it’s too late for them. Too early to celebrate though and too early to say that this will be big, let’s see first if they are able to secure the license and operate legally without getting any pressure from the regulatory itself, this will take time before we can say that this stablecoin will become big.

Yeah, it's one update that they will try to redeem the so long not moving XRP. But that's them and it's up to the people if they're going to bite that.
Those that have been stuck with this coin and they have never done any single thing, well, this is a huge hope for them.

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I don't think so. This ripple's stablecoin is still early and for sure there will be more changes and growth, like the stage of experimenting if we talk about CBDC.

We all know how Ripple is really centralized and this network will be home of CBDC, no doubt as these centralized projects will for sure use centralized network also.

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It is a possibility, but to be honest, I don't completely see the government of the United States fully relying their future project of CBCD to a company like Ripple or other companies which have minted their own USD backed Stablecoins. It is pretty obvious the most attractive feature for the government of the United State of the project would be the control and surveillance capabilities they could have over a very big percentage of the population in the United States and also abroad.

Nonetheless, because of how blatant those surveillance plans are, the launch and implementation of the centralized CBDC could be fought in court in USA and be outlawed within certain states. Ron DeSantis has already mentioned how he is planning to ban CBDCs in the state of Florida, for example.

Due to that context, then the Federal Reserve could see as an advantage to collaborate with Ripple to push the adoption of certain stablecoin using the façade of a private company, rather the big brother trying to spy on all of us. It would be clever and may work temporarily...

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Ripple, Inc. recently proposed the creation of a USD-backed stablecoin. It aims to compete with already-established players (mainly USDT and USDC) on the market. For years, the XRP Ledger was believed to become SWIFT's replacement in the future. It hasn't materialized yet, but XRP is already used by many banks worldwide. It enables interbank payments at a fraction of the cost. Settlement times are near-instantaneous.

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in . The FED might work hand-in-hand with the company to radically transform the USD as we know it. Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

Your input would be greatly appreciated. Thanks.

I don't think Ripple's stablecoin will become the US CBDC because Ripple is not the FED. CBDC is money issued and managed by the central bank, not by private organizations like Ripple or Tether, so we can rest assured that Ripple will not create CBDC for adoption in the near future. Ripple's stablecoin will likely compete with USDT and USDC, although I'm not sure about this, we don't have much information to make a judgment.

However, I wouldn't be surprised if the future US CBDC is deployed on the Ripple network. Ripple's technology is really good, their partner network is very large and could become an environment for the FED to experiment or deploy CBDC. This is also just a possibility, the bigger and better possibility is that CBDC will be deployed on a public, decentralized and secure blockchain - Ethereum.

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Quote from: terrific on April 10, 2024, 04:13:25 PM

If Zuck did just proceed with the Libra project then it's gotta be the future US CBDC and the US state did know how it can influence the entire world.
But then, they want Zuck to stop with its plan and just moved on to another project. While with this Ripple's stablecoin that they'll launch soon.
I still don't know if it's going to be big but I think that there's a connection of it trying to boost some movement with their XRP.

Looks like XRP is trying to deal with this thing just to save XRP itself or they have to redirect their funds before it’s too late for them. Too early to celebrate though and too early to say that this will be big, let’s see first if they are able to secure the license and operate legally without getting any pressure from the regulatory itself, this will take time before we can say that this stablecoin will become big.

terrific

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If Zuck did just proceed with the Libra project then it's gotta be the future US CBDC and the US state did know how it can influence the entire world.
But then, they want Zuck to stop with its plan and just moved on to another project. While with this Ripple's stablecoin that they'll launch soon.
I still don't know if it's going to be big but I think that there's a connection of it trying to boost some movement with their XRP.

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Quote from: Husires on April 08, 2024, 10:29:36 AM

Since the one who will launch it is a company, it will be competing with USDT and USDC, not CBDC. I also doubt their ability to maintain $1 if new judicial developments occur with the SEC, and we have Payapl, which launched its stable currency and did not gain that momentum.

Yes but the company is Rippe itself, not a fan of them but with their huge deep pocket its one of the best one to launch a stablecoin since they surely have funds backed that stablecoin. Even though I dont use xrp or probably been into xrp ecosystem its not impossible for them to launch it succesfully and they can even inline that with the regularities or rules on the Government since they are probably aware of the rules and important aspect in launching one.

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Ripple, Inc. recently proposed the creation of a USD-backed stablecoin. It aims to compete with already-established players (mainly USDT and USDC) on the market. For years, the XRP Ledger was believed to become SWIFT's replacement in the future. It hasn't materialized yet, but XRP is already used by many banks worldwide. It enables interbank payments at a fraction of the cost. Settlement times are near-instantaneous.

In my opinion, this really happened and Ripple continues to gain institutional trust, especially in this case from world banks, so there is no harm as a retailer, we are definitely trying to target Ripple on the list of assets that must be invested in. Because it is quite clear that adoption will definitely experience an increase in prices in the market. Ripple getting support to launch this automatic stablecoin will provide quite exciting competition to challenge USDT and USDC to show who can survive and get more attention. Moreover, bank users are used by all groups so it is not focused on crypto users alone, so adoption can be 2x that of USDT and USDC.

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Quote from: Abiky on April 10, 2024, 12:15:03 PM

Quote from: o48o on April 09, 2024, 02:22:01 PM

From starters, i am sure you know that stablecoins aren't same as CBDC. It's not pegged to fiat money, it is fiat money. And since Ripple is already having legal fights, i don't see why that platform would be even considered for something like this.

Platform for CBDC's needs to meet bunch of regulatory requirements for it, and i am not sure if a consensus for those conditions even exists yet. But Ripple wasn't build for this. Platform for CBDC needs to be build around regulations. Ripple lacks ton of key issues. Proof for that is that privacy for it was thought later on. And then there would need to be build in KYC and reversable transactions.

EU has already one in-depth analysis for CBDS's legal framework as required by ECON commitee, and i don't see how ripple fits into this.
https://www.europarl.europa.eu/RegData/etudes/IDAN/2023/741518/IPOL_IDA(2023)714518_EN.pdf

Of course. I'm aware of the differences between stablecoins and CBDCs. What I meant was central banks (in this case, the FED) making a partnership with a crypto company to launch the new CBDC. The US could hire Ripple, Circle, or even Tether for the creation of the new "Digital Dollar". Or they can use an existing stablecoin and officially declare it as the digital USD.

I believe Ripple has a better chance for this, because it has its own blockchain network (or should I say "Distributed Ledger"). Tether doesn't have its own Blockchain, while its USDT stablecoin lives across multiple public blockchain networks. PayPal has its own stablecoin (PYUSD), but it's far behind giants such as USDT and USDC. I wonder how successful Ripple's new stablecoin will be? Cheesy

and because Ripple is widely used in crypto every user sends it to a local exchange to trade for fiat, i think what you are saying is very possible. One rumor was said to be true that XRP partners with Money Gram which could be useful for this situation.

trueth sometimes is stranger than fiction and because stablecoin is more popular to be used online these days, the government will likely just adopt it instead that there is no need to create CBDC itself but the stablecoin itself.

Abiky

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Quote from: o48o on April 09, 2024, 02:22:01 PM

From starters, i am sure you know that stablecoins aren't same as CBDC. It's not pegged to fiat money, it is fiat money. And since Ripple is already having legal fights, i don't see why that platform would be even considered for something like this.

Platform for CBDC's needs to meet bunch of regulatory requirements for it, and i am not sure if a consensus for those conditions even exists yet. But Ripple wasn't build for this. Platform for CBDC needs to be build around regulations. Ripple lacks ton of key issues. Proof for that is that privacy for it was thought later on. And then there would need to be build in KYC and reversable transactions.

EU has already one in-depth analysis for CBDS's legal framework as required by ECON commitee, and i don't see how ripple fits into this.
https://www.europarl.europa.eu/RegData/etudes/IDAN/2023/741518/IPOL_IDA(2023)714518_EN.pdf

Of course. I'm aware of the differences between stablecoins and CBDCs. What I meant was central banks (in this case, the FED) making a partnership with a crypto company to launch the new CBDC. The US could hire Ripple, Circle, or even Tether for the creation of the new "Digital Dollar". Or they can use an existing stablecoin and officially declare it as the digital USD.

I believe Ripple has a better chance for this, because it has its own blockchain network (or should I say "Distributed Ledger"). Tether doesn't have its own Blockchain, while its USDT stablecoin lives across multiple public blockchain networks. PayPal has its own stablecoin (PYUSD), but it's far behind giants such as USDT and USDC. I wonder how successful Ripple's new stablecoin will be? Cheesy

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Ripple, Inc. recently proposed the creation of a USD-backed stablecoin. It aims to compete with already-established players (mainly USDT and USDC) on the market. For years, the XRP Ledger was believed to become SWIFT's replacement in the future. It hasn't materialized yet, but XRP is already used by many banks worldwide. It enables interbank payments at a fraction of the cost. Settlement times are near-instantaneous.

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in . The FED might work hand-in-hand with the company to radically transform the USD as we know it. Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

Your input would be greatly appreciated. Thanks.

No it won’t be the official US digital dollar. What kind of a question is this? It will be just another centralized USD token and a very bad one.

Ripple is a centralized database and a premined shitcoin. These are all very well documented facts. Them creating a USD token on their own centralized database is a huge backwards move for crypto. Had they created these tokens only on eth, I would still not like it but when they do it like this, it looks even worse.

Quote from: https://www.investopedia.com/tech/whats-difference-between-bitcoin-and-ripple/

Ripple Labs is a company and it controls a large portion of the XRP supply and the XRP Ledger, XRP's underlying blockchain technology.

Ripple Labs could use this control to censor XRP transactions, change the rules of the XRP Ledger network, and manipulate or dump XRP on the market, causing liquidity to drop and the price of XRP to fluctuate or crash. Ripple Labs has said XRP's total supply is fixed at 100 billion XRP, but it is possible for the company to change it in the future.

I can’t believe why the exchanges still list that crap. Ripple is not crypto and never will be.

Ripple needs to die fast.

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Ripple's stablecoin? it makes me remember to LUNA which have their own stable coin named UST lol.

Ripple did launch their CBDC platform for development of CBDCs https://www.businesswire.com/news/home/20230518005115/en/Ripple-Launches-CBDC-Platform-for-the-Development-of-CBDCs-and-Stablecoins

There are 8 countries that use their private ledger to develop CBDCs, but there's no United States there. As much as I hate XRP due to it's centralization, but they have a bright future if many countries can trust their CBDCs to XRP.

Quote from: https://coinmarketcap.com/community/articles/64e3649f134699319993405d/

Impressively, even though the new ledger was launched just three months ago, over 8 countries are already building CBDCs on XRP Ledger, blockchain news aggregator CryptoGeek revealed on August 19.

These include Russia, the Republic of Palau, Montenegro, Japan, the United Arab Emirates (UAE), Uruguay, New Zealand, and Hong Kong.

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Quote from: Abiky on April 09, 2024, 10:34:10 AM

I think Ripple has a better chance of getting the CBDC project on-track because of its well-established presence in the crypto industry. Unlike Tether, Ripple has its own Blockchain meant to be used for both internal payments (using XRP) and interbank transfers using ordinary Fiat currencies (USD, EUR, etc). It could work hand-in-hand with the FED to launch the new "Digital Dollar". Why should the FED bother making a new digital currency from scratch? It's easier for the US government to hire a reputable crypto firm/company for its own CBDC.

Although the new currency will be developed by a company, the FED will still have full control over it (monetary policy, etc). If Ripple's stablecoin becomes the official US CBDC, we should expect XRP to go all the way to the moon. It could strengthen the USD's position as the world's reserve currency, too. We're living in an uncertain world these days, so anything's possible.

FED has access to financial flows of trillions of dollars, so why does it not create a currency from scratch, since printing money is a sovereign matter in many countries, and it is difficult for this sovereign matter to be left to one company.
As some regulatory authorities have issues and accusations against Ripple, it is impossible to cooperate with them to create a CBDC.
Ripple's stablecoin will be like USDT USDC and will not outperform them.

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in . The FED might work hand-in-hand with the company to radically transform the USD as we know it. Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

But why does the world need such a reserve if it will only be a digital copy of the dollar? This means that if we assume that all stable currencies based on the dollar have a cover of the dollar with the same volume of liquidity, then all of these currencies will not exceed the volume of the dollar in the market. I do not think that this will contribute to solving the global financial problem or even the problems of the dollar itself.

In my opinion, Ripple wants to enter the stablecoins market and gain its share of it. This has nothing to do with any strategic projects of the American administration. Perhaps choosing the time to announce this is what might draw attention to the depth of the decision.

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Quote from: Abiky on April 08, 2024, 10:01:32 AM

Ripple, Inc. recently proposed the creation of a USD-backed stablecoin. It aims to compete with already-established players (mainly USDT and USDC) on the market. For years, the XRP Ledger was believed to become SWIFT's replacement in the future. It hasn't materialized yet, but XRP is already used by many banks worldwide. It enables interbank payments at a fraction of the cost. Settlement times are near-instantaneous.

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in . The FED might work hand-in-hand with the company to radically transform the USD as we know it. Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

Your input would be greatly appreciated. Thanks.

From starters, i am sure you know that stablecoins aren't same as CBDC. It's not pegged to fiat money, it is fiat money. And since Ripple is already having legal fights, i don't see why that platform would be even considered for something like this.

Platform for CBDC's needs to meet bunch of regulatory requirements for it, and i am not sure if a consensus for those conditions even exists yet. But Ripple wasn't build for this. Platform for CBDC needs to be build around regulations. Ripple lacks ton of key issues. Proof for that is that privacy for it was thought later on. And then there would need to be build in KYC and reversable transactions.

EU has already one in-depth analysis for CBDS's legal framework as required by ECON commitee, and i don't see how ripple fits into this.
https://www.europarl.europa.eu/RegData/etudes/IDAN/2023/741518/IPOL_IDA(2023)714518_EN.pdf

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Quote from: Orpichukwu on April 08, 2024, 10:06:57 AM

The only time that it could become the official US digital dollar is if Tether somehow ends their collaboration with the US government. As we all know, Tether (USDT) is working hand in hand with US 3-letter agents in terms of collaboration.

If Ripple can get this stablecoin out and put it into the market, we can only see great competition in terms of use, knowing fully well that most banks have inter-business relationships with Rippler, so it's easier to get a business collaboration with them and expand its use to other banks as part of their recognised digital currency.

I think Ripple has a better chance of getting the CBDC project on-track because of its well-established presence in the crypto industry. Unlike Tether, Ripple has its own Blockchain meant to be used for both internal payments (using XRP) and interbank transfers using ordinary Fiat currencies (USD, EUR, etc). It could work hand-in-hand with the FED to launch the new "Digital Dollar". Why should the FED bother making a new digital currency from scratch? It's easier for the US government to hire a reputable crypto firm/company for its own CBDC.

Although the new currency will be developed by a company, the FED will still have full control over it (monetary policy, etc). If Ripple's stablecoin becomes the official US CBDC, we should expect XRP to go all the way to the moon. It could strengthen the USD's position as the world's reserve currency, too. We're living in an uncertain world these days, so anything's possible.

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Government never like when Private currency is becoming dominant that reason is enough why ripple's stable coin will be facing strong hands from FEDs no matter what. And Ripple is sinking ship in the crypto space so it doesn't have enough influence to turn around the domination of Tether in the stable coin market.

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Quote from: Tipstar on April 08, 2024, 10:49:55 AM

I have heard that the stablecoin launched by Ripple would be one backed by real USD in cash and bonds. So that people would feel safe to transact it it. Considering the popularity and limited option in stablecoin market, Ripple's USD could be a hit. The case against the SEC is also said to be going towards the favor of Ripple. If they get a win against SEC and a popular stablecoin, it might also propel the price of Ripple. Not currently holding it but I plan to get some by the end of this year. The court hearing is ought to be prolonged over this year.

They declared it backed 100% by US dollar deposits, short-term US Treasurys and other cash equivalents.
https://blockworks.co/news/ripple-issuing-cash-equivalent-backed-stablecoin

But this does not mean that it is 1:1, meaning that before issuing any stable coin, there must be a dollar value that will be deposited in your account, and then no one can know whether it is 100% or whether new asset classes will be added such as real estate, which will be difficult to liquidate to ensure 1: 1, will be backed by promises will be exactly as USDT.

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Conspiracy Theory that's what they would say to you. But it would be too late to know it when you kept using it already. But why should you concentrate more on Ripple's Stablecoin, we have already using stablecoin from the beginning. There's Tether and USDC and the rest that we are not even using considering that the government does not even check USDT Tether despite its controversy.

The U.S. government will always want other countries to use their USD. But SWIFT is not a monopoly anymore. Economic powerhouses already have their own.

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Quote from: Husires on April 08, 2024, 10:29:36 AM

Since the one who will launch it is a company, it will be competing with USDT and USDC, not CBDC. I also doubt their ability to maintain $1 if new judicial developments occur with the SEC, and we have Payapl, which launched its stable currency and did not gain that momentum.

I have heard that the stablecoin launched by Ripple would be one backed by real USD in cash and bonds. So that people would feel safe to transact it it. Considering the popularity and limited option in stablecoin market, Ripple's USD could be a hit. The case against the SEC is also said to be going towards the favor of Ripple. If they get a win against SEC and a popular stablecoin, it might also propel the price of Ripple. Not currently holding it but I plan to get some by the end of this year. The court hearing is ought to be prolonged over this year.

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Since the one who will launch it is a company, it will be competing with USDT and USDC, not CBDC. I also doubt their ability to maintain $1 if new judicial developments occur with the SEC, and we have Payapl, which launched its stable currency and did not gain that momentum.

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The only time that it could become the official US digital dollar is if Tether somehow ends their collaboration with the US government. As we all know, Tether (USDT) is working hand in hand with US 3-letter agents in terms of collaboration.

If Ripple can get this stablecoin out and put it into the market, we can only see great competition in terms of use, knowing fully well that most banks have inter-business relationships with Rippler, so it's easier to get a business collaboration with them and expand its use to other banks as part of their recognised digital currency.

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Ripple, Inc. recently proposed the creation of a USD-backed stablecoin. It aims to compete with already-established players (mainly USDT and USDC) on the market. For years, the XRP Ledger was believed to become SWIFT's replacement in the future. It hasn't materialized yet, but XRP is already used by many banks worldwide. It enables interbank payments at a fraction of the cost. Settlement times are near-instantaneous.

Now if Ripple succeeds with its stablecoin project, would it become the US' official "Digital Dollar"? For what I know, Ripple, Inc. is an American-based company headquartered in . The FED might work hand-in-hand with the company to radically transform the USD as we know it. Do you think this is possible? If not, why? What if it becomes a reality? Will such a move strengthen the USD's position as the world's reserve currency?

Your input would be greatly appreciated. Thanks.

Topic: Ripple's Stablecoin: The future US CBDC? (Read 255 times)