As a seasoned researcher with a keen interest in the fintech industry, I find Monica Long’s insights at the Singapore Fintech Festival particularly intriguing. With my extensive background in blockchain technology and digital currencies, it’s clear to me that Ripple is making strategic moves to capitalize on the growing demand for stablecoins.
Monica Long, Ripple‘s President, revealed that there have been early promises from customers for their upcoming U.S. dollar-backed stablecoin, Ripple USD (RLUSD), even before its official debut.
At the Singapore Fintech Festival, Long discussed the growing interest in stablecoins during an interview with CNBC. He underlined how these digital currencies could transform the payment sector by bringing about a significant change.
Currently, stablecoins have approximately $170 billion in market capitalization, according to CNBC. However, they are expected to surge beyond $3 trillion in the coming years due to increased demand factors such as payment solutions.
She also mentioned that Ripple handles over $70 billion in assets, thereby positioning itself effectively to take advantage of this ongoing trend.
A notable example of conventional banking institutions adapting to the digital currency sector is Stripe’s recent purchase of Bridge. This move signifies faith in the growth of the stablecoin market. She believes that with the demand from customers eager to use stablecoins for transactions, we can establish ourselves as a leading provider in this field.
Despite emphasizing the necessity of regulatory approval, Long repeatedly highlighted Ripple’s eagerness to initiate the release of RLUSD. At present, the company is patiently waiting for the green light from the New York Department of Financial Services on their trust application.
Moving forward, I envision a rich tapestry of fiat-backed stablecoins, shaped by regional preferences and tailored to unique use cases. I’ve noticed a strong affinity for US dollar-based stablecoins in Latin America, but I also see opportunities for currencies like the Euro and Singapore Dollar to grow in their respective markets.
Long concluded by emphasizing the industry’s collective focus on stablecoins, stating, “Everyone was talking about stablecoins. The demand is evident, and Ripple USD is ready to meet that demand once it receives regulatory approval.”
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2024-11-13 02:08