Ripple should add stablecoins to its registry

According to David Schwartz, CTO of Ripple, stablecoins are a major trend among institutions and even central banks this year. It is expected that stablecoins will soon be launched on the XRP registry.

New features in perspective

The RippleNet financial services network, based on blockchain technology, provides a secure, practical and easy-to-use wallet for token holders. XRP, and the functionality of their system registry can be extended. Thanks to its intelligent node identification, the network is significantly faster than comparable payment networks. In addition, fees are calculated immediately and banks can plan their cost management for the long term.

RippleNet has experienced significant development since its creation in 2012. Users of the system have long had the possibility of carrying out transactions on a decentralized register. Soon, they may be able to take advantage of a network feature that will allow them to create tokens linked to assets, such as stablecoins, on the registry.

Integration of stablecoins in the Ripple registry

according to David Schwartz, Ripple will allow third-party users to introduce new cryptocurrencies into the XRP ecosystem. In addition, he mentioned stablecoins, which are a major trend among institutions and even central banks this year. As the trend for banks and governments to create their own tokens and stablecoins is gaining ground, Ripple has begun to explore these types of assets.

The details of this feature have not yet been announced, but Schwartz mentioned that it could be used to introduce fixed value tokens like stablecoins:

One of the features that I find very interesting is the one that would allow people to launch – well, stablecoins are the obvious use case, but it's not just stablecoins – it's basically assets related to some external value.

Ripple and other blockchains

This is particularly the case for other blockchains. For example, Tether manages levels of stablecoin on several networks simultaneously. However, compared to other networks, tokens linked to assets on the XRP would have assured liquidity due to the mechanics of the registry.

The number of companies in other countries joining the network and adopting Ripple technology has increased. Ripple has invested heavily in other transmission networks like MoneyGram. Focusing on developing this feature, rather than others, could allow for even more innovation.

In addition to the “stablecoin” function, XRP Ledger will also have the option of eliminating the accounts of possible spammers from the network. This will enhance the advantages of the network over other blockchains and make it different.

Recently, Ripple also surprised the community with a new partnership. She signed an agreement with one of the biggest European money transfer companies, ázimo. Agreement will provide Azimo with product On-Demand Liquidity (ODL) from Ripple to provide the Philippines with fast, inexpensive remittance capabilities.