Ripple plans to launch stablecoins on XRP ledger

Ripple is a blockchain-based financial services network that offers a convenient, safe, and user-friendly wallet for XRP cryptocurrency holders. However, the company announced that it plans to expand the features it offers on the XRP platform. Ripple says it’s going to include stablecoins to its XRP ledger. Since its establishment in 2012, RippleNet has seen some significant developments. The users of Ripple’s system have been enjoying transactions on its decentralized platform for a long time. But it seems their fortune is going to get even better as Ripple is introducing a new feature on the platform that would allow users mint stablecoins, an asset-backed token. According to David Schwartz, Ripple’s Chief Technology Officer, the company will soon add the new feature on the XRP platform. He also stood on his grounds by reiterating that the company will not pursue the development of well-known features of blockchain. According to him, “Proof-of-Work is kind of a technological dead-end,” Ripple Foundation announced the introduction of stablecoins on the XRP platform last month when it released a video to that effect. Now the company wants to make that promise a reality to give users better trading and investment options.

The new feature will be valuable to users

Ripple revealed that the feature will enable third parties to unveil other third-party crypto assets on the XRP system. Schwartz has noted that the new feature will be a welcome development because ledger mechanics guarantee liquidity. Furthermore, the numbers of firms from other countries that would join the network and adopt Ripple’s technology have increased. Schwartz did not provide complete details about the nature of the new features. However, he revealed that the new features could be used to launch fixed value tokens on the XRP ledger. He said the most obvious use of the additional features is on stablecoins, but even assets linked to external values can also use the new features. In the video, Schwartz has listed XRP to become more liquid to investors and users of the platform. He explained that Ripple does not intend to establish different markets for each digital asset. Instead, trading will be carried out on XRP while the stablecoin will remain liquid despite its popularity.

Ripple keeps expanding

Ripple has shown an increased desire to invest and partner with companies that could aid its own growth. The company has invested massively in other transmission networks, such as its recent $11.3 million partnership with MoneyGram. Ripple will not be the only blockchain technology that will be running such features. Tether is another example of companies that run the stablecoin layers on different networks at the same time.