The upcoming stablecoin project from Ripple will do wonders for the company, and it believes that this will help it grow, including its renowned cryptocurrency, XRP.
The company also clarified that its new RLUSD will not overshadow or obscure its focus on XRP and will provide a more stable experience for its crypto offers, delivering a mutually beneficial experience.
It is known that Ripple’s stablecoin, RLUSD, is tied to the US dollar and will vary greatly in the tender, similar to what others offer.
Ripple Believes its Stablecoin, RLUSD, Will Help XRP
The recent XRP Ledger Apex Summit 2024 revealed massive developments regarding Ripple’s upcoming stablecoin. Chief Technology Officer David Schwartz clarified different things behind the company’s new asset.
Schwartz clarified that instead of overshadowing XRP, the RLUSD stablecoin would help the cryptocurrency see advantageous market results.
Schwartz was asked about the clarity behind this massive shift from XRP to stablecoins, especially as regular crypto is best regarded as volatile in nature.
Contributing further explained that RLUSD would help to “fully deploy” XRP’s strengths in the market, offering ‘optimized’ entry and exit gateways for XRP.
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XRP and Ripple’s Stablecoin Synergy
Moreover, Schwartz regarded RLUSD as not a ‘threat’ to XRP’s current position, claiming it will see a ‘synergistic’ relationship when the stablecoin arrives.
RLUSD will soon work wonders for XRP, helping it unlock its ‘full potential’ in the market. The close ties between its two crypto assets will complement each other.
Stablecoins and Crypto
Ripple’s first cryptocurrency, XRP, has been around for a long time now. In its early days in 2021, it was believed to be seeing a bullish run on the market but also received skepticism from investors. That said, it also entered the crypto market cycle, claiming a positive performance coming for XRP, which could form its ‘right shoulder’ on the graphs.
These abrupt and massive changes on XRP are not something one would see on stablecoins, as they promise better stability. Most are tied to a legal tender in the world, with the US dollar being one of the most popular. Ripple entered the stablecoin world earlier this year, calling it the RLUSD, and it is also tied to the USD, going against the likes of Tether USDT and USD Coin.
RLUSD is not yet here, but Ripple promised that it is coming real soon. The company is working on its massive debut in the market to accompany its XRP. Both crypto products from Ripple are believed to be mutually beneficial in the future and will not compete or overshadow the other, with the future availability of the RLUSD stablecoin soon helping XRP’s growth further.
Related Article: Ripple’s Brad Garlinghouse Believes Crypto’s Growth Would Double by 2025
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Read More: Ripple Believes Stablecoin, RLUSD, Will Help XRP’s Growth, Not Overshadow Crypto
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