David Schwartz, Chief Technology Officer at Ripple, has sparked speculation within the XRP community with his latest cryptic tweet. The tweet features a photo of a shop window displaying a logo with the word “Sunscream.”
While the XRP community has offered various interpretations related to “scream,” many users have bypassed the tweet entirely, focusing their comments on the XRP price and Ripple’s upcoming stablecoin announcement.
Hey what’s the ripple stable coin going to be called?
— XRP_Bandit💰 (@Chief_XRP) April 5, 2024
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Schwartz has a history of posting enigmatic messages on X, which tend to generate significant engagement.
Ripple Announces Plans for a USD-Pegged Stablecoin
Last week, Times Tabloid reported Ripple’s intention to launch a fully-fledged stablecoin tethered to the US dollar. This announcement sent shockwaves through the cryptocurrency industry.
According to the official press release, the new asset will be backed by USD deposits and other cash equivalents. These reserves will undergo regular audits by a dedicated accounting firm, with monthly attestations made public by Ripple.
The stablecoin market currently boasts a valuation of about $150 billion, and projections estimate a surge to a staggering $2.8 trillion within the next four years. Recognizing this ever-growing demand, Ripple aims to leverage its experience in constructing financial solutions for global institutions by introducing its own stablecoin.
The asset will operate on both the XRP Ledger and the Ethereum blockchain, with aspirations for future expansion to other blockchains and integration with decentralized finance (DeFi) applications.
Ripple CEO Brad Garlinghouse commented on the announcement, describing it as a natural progression for Ripple in its mission to bridge the gap between traditional finance and the innovative world of cryptocurrencies and blockchain technology.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Can Ripple’s Stablecoin Challenge Tether’s Dominance?
Gabor Gurbacs, Advisor at VanEck and Tether, recently weighed in on the stablecoin landscape, reaffirming his belief in Tether (USDT) as the undisputed leader.
While welcoming increased competition, Gurbacs emphasized USDT’s position of strength, citing its “right principles and history,” superior liquidity, strategic global focus, well-designed structure, and a team capable of delivering real-world use cases demanded by the international market. He acknowledged that Ripple’s stablecoin announcement directly prompted his comments.
It remains to be seen whether Ripple’s upcoming stablecoin can dethrone Tether. The cryptic tweet by Schwartz has further ignited XRP community discussions, leaving many to ponder its potential connection to the stablecoin or the broader future of XRP.
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