Ripple Executive Says Stablecoin is Ready to Launch
With all the hype and focus on XRP, one Ripple executive has revealed that the impending Ripple stablecoin is ready to launch. Indeed, Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, discussed the newest offering and its launch in a recent interview.
There has been speculation surrounding when the US dollar-backed asset could officially reach the market. In a recent interview with CNBC, Monica Long noted that the asset would arrive at some point in 2024. However, she was not specific about the time frame that participants in the digital asset market could expect.
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Ripple Stablecoin Set to Hit the Market This Summer?
Heading into the year, Ripple (XRP) was among the tokens that had immense potential to surge within the digital asset market. That has not come to fruition, with the contrary being the case as we approach the year’s midpoint. Over the last 24 hours, the asset has struggled mightily, falling by as much as 5%, according to CoinMarketCap.
Yet, Ripple is seemingly set to build out its offerings beyond XRP, with one executive revealing that the company’s stablecoin is ready for launch. Specifically, Reece Merrick stated that the stablecoin is poised to reach the market soon, as the offering is the result of “12 years” of building the necessary infrastructure for such a product.
Also Read: Ripple XRP Forecasted to Reach $5, Here’s When
It does appear as though the product is only now navigating compliance standards in order to release the stablecoin. Yet, it should be operationally ready to arrive, considering the company’s cross-border payment infrastructure. Subsequently, all eyes are on how its arrival could impact XRP.
There is no denying that the stablecoin market is a massive one. Moreover, Merrick noted that Ripple stablecoin is the result of popular demand from customers. Therefore, the belief is that its presence will only enhance all that Ripple already does.
With the company’s CTO recently affirming that XRP is going nowhere, the asset should only benefit from the product launch. Conversely, there may be no better time, as the cryptocurrency has struggled over the last several months. The positive sentiment could drive interest, and formulate necessary momentum.