The post MIFSA Economist Details XRP Importance, Highlights Ripple Stablecoin as Game Changer appeared on BitcoinEthereumNews.com.

Carlo De Meijer, an Economist and Researcher at MIFSA, recently emphasized XRP in Ripple’s initiative to introduce a stablecoin, describing the move as a transformative development. De Meijer expressed this view in a recent blog published on Finextra on Friday. Pseudonymous XRP community figure WrathofKahneman called attention to the publication in a recent post on X. “Ripple Stablecoin Launch a Game-Changer,” a bullish overview of #Ripple‘s stablecoin strategy by economist Carlo R.W. de Meijer. In particular he details the importance of #XRP in a “dual-asset approach,” envisioning bridging tradfi & defi. https://t.co/Nbr4L0MSrU pic.twitter.com/yZuA5Gfihz — WrathofKahneman (@WKahneman) May 18, 2024 In his blog, De Meijer explored Ripple’s stablecoin endeavor and the prospective role of the XRP Ledger (XRPL) ecosystem. The economist highlighted that Ripple’s stablecoin will be pegged to the U.S. dollar on a 1-to-1 basis by a mix of highly dependable assets.  In parallel, he pointed out that U.S. dollar deposits and short-term U.S. government treasuries will entirely collateralize the stablecoin. It will also be backed by other liquid assets such as top-tier commercial paper or money market instruments. According to De Meijer, Ripple’s approach aims to guarantee the stability and trustworthiness of stablecoins through transparent and high-quality backing. Furthermore, the economist pointed out that Ripple is adopting a ‘compliance-first’ approach in launching its stablecoin to adhere to international regulatory norms. He believes this focus on compliance will be crucial for Ripple to maintain its core customer base of institutions and governments. – Advertisement – Moreover, De Meijer noted that to ensure security, Ripple plans periodic reserve audits by a distinguished third-party accounting firm and publicly available monthly attestation reports on its stablecoin reserves. He suggested these reports might reveal details about the banking partners entrusted with asset custody. Importance of XRP in Ripple’s Stablecoin Move Contrary to concerns that…

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Filed under: News - @ May 20, 2024 3:22 pm