- Versan Aljarrah suggests Ripple’s XRP could be key in the creation of gold-backed stablecoins, according to global demands.
- Sean McBride, a former Ripple executive, proposes that XRP could be classified as a payments stablecoin for international economic transactions.
Despite generating surprise, there are market analysts who consider it possible that Ripple’s XRP could be transformed into a stablecoin. Versan Aljarrah, leader of Black Swan Capitalist, suggests that XRP could be essential in the development of gold-backed stablecoins, according to demands from entities such as the World Bank, the IMF and the World Gold Council.
CollinBrownXRP, shared news that has generated a lot of buzz among the community, where he points out that the new protocol update promises to increase efficiency and reduce transaction costs.
💥Big news alert! BRICS nations gearing up to unveil a gold-backed trading currency this year! 🌟
With growing interest to join BRICS, the stage is set for a global economic shift! 🌍
Could #Ripple's #XRP emerge as the golden bridge to this new era of trade? 🏅 pic.twitter.com/CLohFi9N6b
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 19, 2024
These institutions advocate the tokenization of gold reserves by central banks. According to research mentioned by Aljarrah, XRP would be instrumental in creating such a stablecoin, marking a departure from traditional stablecoins tied to the dollar.
This approach is based on in-depth research on XRP and its market, indicating that it could become something different from the usual digital currencies, perhaps a payment-oriented stablecoin .
Sean McBride, a former Ripple executive, mentioned that, rather than becoming a conventional stablecoin, XRP could be categorized differently, facilitating low-cost international transactions .
No, what I think is more likely is that #XRP is classified as something entirely different. Something like a payments stablecoin. But for #XRP to transact B2B payments at scale across borders and institutions, “#XRP can’t be dirt cheap”.
— Sean McBride (@seanmcbride16) February 16, 2024
Although McBride previously hinted that the World Bank already recognizes XRP as a stablecoin, this claim has been viewed with skepticism by the XRP community and other stakeholders, given that the recognition appears to be based on longstanding plans by Ripple’s XRPL to launch its own stablecoin, which has led to debates about the feasibility of XRP taking this new form.
