The XRP Ledger (XRPL), known for its speed, security, and low transaction fees, has become a hub for various blockchain projects. However, USDC, a leading stablecoin issued by Circle, is not yet natively supported on XRPL. This stands in contrast to Tether (USDT), another prominent stablecoin, which is available on several blockchains.
Many in the XRP community, including Panos Mekras (@panosmek), a prominent crypto figure, co-founder of Anodos, and developer on the XRP Ledger, have expressed interest in USDC integration.
Read Also: Anodos launches AnodoSwap: A one-stop platform for easy access to the XRP Ledger (XRPL) AMM
One past concern was the lack of a Clawback feature, allowing issuers to freeze or reverse transactions in cases of theft or fraud. However, a recent amendment to the XRPL protocol now includes this functionality.
Mekras, highlighting the importance of USDC support on XRPL for Anodos and other projects, contacted Circle directly to inquire about the reasons behind the stablecoin’s absence.
Circle Calls Ripple For Discussion
Mekras shared Circle’s response on X. He wrote, “There was a discussion recently about why Circle hasn’t issued USDC on XRPL yet. So I decided to email Circle and ask them directly, mentioning also how important it is for our project Anodos to have USDC and EURC on XRPL. This is their answer. Ripple, it’s time to step in.”
There was a discussion recently about why @circle hasn't issued USDC on XRPL yet. So I decided to email Circle and ask them directly, mentioning also how important it is for our project Anodos to have USDC and EURC on XRPL. This is their answer. @Ripple it's time to step in. pic.twitter.com/2xEU1XZyU1
— Panos 🔼{X} (@panosmek) March 15, 2024
Circle, in its response to Mekras, acknowledged its ongoing efforts to expand USDC and EURC (another Circle stablecoin) to new blockchains. However, the company clarified that there are currently no plans to integrate with XRPL. They recommended that discussions about XRPL support be directed toward Ripple.
This mention of Ripple caused some confusion within the XRP community. While Ripple is a major contributor to the XRPL ecosystem, it doesn’t hold sole ownership of the network. The decentralized nature of XRPL allows for independent decision-making by various participants.
Mekras also pointed something out in response to Santiago Velez (@Santiag78758327), who believes that Ripple would not allow USDC on XRPL due to competition. Mekras disagrees with this view, highlighting that Ripple is just one of many players on XRPL, similar to Stellar, where USDC already exists.
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Read Also: Circle Reacts To Binance Move to Stop Support for USD Coin (USDC): Details
In Mekras’ opinion, integrating USDC with XRPL would be mutually beneficial. This integration would increase USDC adoption for Circle while raising awareness for the XRP Ledger, its built-in decentralized exchange (DEX), and the upcoming automated market maker (AMM) solution. Additionally, native support would eliminate the potential risks associated with using gateways to access USDC on XRPL, promoting a safer and more reliable user experience.
The potential arrival of USDC on the XRP Ledger is a topic of considerable interest within the crypto community. While there are no confirmed plans, the potential benefits for USDC and XRPL are undeniable. XRPL is rapidly growing, with a projected volume of $50 trillion by Q4 2025, and introducing USDC could help XRPL reach this goal while benefiting USDC significantly.
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