- Ripple processes over $70 billion, demonstrating stablecoins’ significant role in financial transactions and market trends.
- Regulatory approval is pivotal for Ripple’s U.S. dollar stablecoin launch, with New York’s DFS reviewing their application.
In a recent CNBC interview, Long emphasized the rapid growth of the stablecoin market, currently valued at about $170 billion, with projections to exceed $3 trillion due to increasing demand in payment applications.
“We talk about Ripple, and we process more than $70 billion through assets, so this use case is going to be a massive trend.”
She referenced Ripple’s significant transaction volume, processing over $70 billion in assets, highlighting the strong trend towards using stablecoins in financial transactions.
“Stablecoins generally are about $170 billion in terms of market cap today, but that’s projected to be north of $3 trillion in just a few years because there’s going to be more demand drivers like payments,” she said.
Back from a fantastic week at @sgfintechfest — on and off stage, everyone was talking about stablecoins. I spoke with @tanvirgill2 on @cnbc on the growing demand (ex: LATAM wants USD-based stablecoins, but EUR and SGD could very well solidify their own place in the market), and…
— Monica Long (@MonicaLongSF) November 12, 2024
Long also discussed the strategic movements of major financial players like Stripe, which recently acquired Bridge to enhance its engagement with stablecoins in payment processes. This trend is mirrored by other traditional financial institutions that are increasingly adopting stablecoins for transactional purposes.
“From our perspective, we have the use case; we have customers who already want to use stablecoins in payments, so we think that we can be a great provider.”
During the conversation, Long expressed a positive outlook on the expansion of the stablecoin market, focusing on Ripple’s readiness to serve the growing demand without directly competing with other stablecoins.
She emphasized Ripple’s operational readiness and the pending regulatory approval, particularly from the New York Department of Financial Services, as critical to launching their U.S. dollar stablecoin, RLUSD.
Long also highlighted the broad potential for fiat-backed stablecoins, particularly those pegged to the U.S. dollar, given their dominance in global transactions.
She underscored the relevance of stablecoins in traditional financial scenarios like foreign exchange, predicting a shift towards diverse fiat currencies being converted into stablecoin formats.
Since more stablecoins are pegged to the US dollar and most transactions of stablecoins happen in the US dollar, do you think that dollarization could be the way forward?” Gill asked. Long responded, “I believe so, and it comes back to use cases like payments where you think about traditional use cases and there’s real need for foreign exchange there. I do think that we’ll see new forms of fiat currency turned into stablecoins.”
Additionally, Long pointed out regional preferences in stablecoin adoption, especially in Latin America, where there is significant interest in U.S. dollar-backed stablecoins.
“There’s certain markets, like for example we see in Latin America, where there is a preference for a US dollar stablecoin, but I do think that the world will open up to more types of stablecoins,” Long said.
Following her participation at the Singapore Fintech Festival, Long shared her insights on X, discussing the enthusiastic global discourse on stablecoins, the readiness of Ripple’s customer base for RLUSD, and the potential for other currencies like the Euro and Singapore Dollar to establish their stablecoins in the market.
The current price of XRP (Ripple) is $0.64601 USD, showing a gain of 3.93% today. Here’s a detailed analysis:
Key Observations:
- Price Trend: XRP has seen a strong upward movement, with a significant weekly increase of 28.21% and a monthly rise of 19.66%. This bullish momentum indicates growing investor interest, likely influenced by broader crypto market trends and positive sentiment.
- Market Capitalization: The market cap stands at $36.68 billion USD, with a 24-hour trading volume of $7.62 billion USD, reflecting high liquidity and active market participation.
Technical Analysis:
- XRP is testing a critical resistance level around $0.65 USD. A breakout above this level could signal further bullish momentum, targeting $0.6658 USD or higher. Conversely, if XRP fails to sustain this level, we could see a potential pullback as traders take profits.
