Ripple’s president, Monica Long, has revealed that the company is likely to step into the $161 billion stablecoin market by the end of this year.
During an interview with CNBC at Money 20/20 in Amsterdam, Long highlighted the exponential growth of the stablecoin market, projecting it to evolve into a multi-trillion-dollar ecosystem within the next three to five years.
Long attributed this growth to the increasing demand for access to U.S. dollars and the need for a more efficient global fiat-denominated payment system facilitated by blockchain technology.
“We are currently dedicated to all aspects necessary to bring a stablecoin to market, including regulatory compliance and establishing institutional relationships,” explained Long, indicating Ripple’s comprehensive approach. The company aims to unveil its stablecoin offering in 2024, as stated by Ripple CEO Brad Garlinghouse at Consensus.
Despite this move, Long stressed the enduring importance and utility of XRP, emphasizing its role as a bridge asset across various currency pairs. She highlighted XRP’s value proposition in providing liquidity and supporting real-world asset tokenization, a sector increasingly attracting interest from financial players.
Regarding crypto ETFs, Long noted a growing investor interest, particularly following the success of spot Bitcoin (BTC) ETFs in the U.S. Market participants have submitted proposals for similar products backed by Ethereum (ETH), sparking debates about their potential success.
Long expressed confidence in the potential of Ethereum ETFs, citing improved crypto education and the influence of industry leaders like BlackRock. She believes that Ethereum’s ecosystem, conducive to asset tokenization and decentralized finance, is poised to attract significant capital inflows through ETF investments.
Summary Review: Ripple’s president, Monica Long, unveils the company’s plans to venture into the stablecoin market later this year, anticipating significant growth driven by demand for USD access and blockchain-powered payment solutions. Despite this move, Ripple remains committed to XRP’s long-term role as a bridge asset and liquidity provider. Moreover, Long highlights the promising prospects for Ethereum ETFs, citing growing investor interest and the blockchain’s potential for asset tokenization and decentralized finance. With these insights, Ripple aims to navigate the evolving crypto landscape while maintaining its focus on innovation and market relevance.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
