total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Ripple’s XRP Could Be The Key To Gold-Backed Stablecoins Amid Potential Adoption By Global Banks – ZyCrypto

Wall Street expert believes Ripple will go public in May 2024: Could it push XRP price to $10?

Versan Aljarrah, the founder of Black Swan Capitalist and a well-known YouTuber, recently praised XRP. In a recent post on X, Aljara pointed out that XRP could play a key role in the growing demand for gold-backed cryptocurrencies with prices pegged to precious metals.

Will XRP become the new gold-backed global standard?

Speculation that XRP could be backed by gold comes amid talks that XRP could be accepted for international payments by global banks and other financial institutions and its fair value could be backed by gold. ing.

Bersan Aljara, founder of Black Swan Capitalist, also said that there is a demand for gold-backed stablecoins from international financial institutions such as the World Bank, International Monetary Fund (IMF), and World Gold Council. He pointed out that there is. According to Bersan, these groups are pushing for the introduction of gold-backed stablecoins to allow central banks to tokenize their gold reserves.

He said Vandel, a financial analyst at Black Swan Capitalist, and Andy Shechtman, CEO of Miles Franklin, conducted extensive research on XRP and the broader crypto market. He indicated that he had come to the conclusion that XRP is the key to the cryptocurrency market. “key” To stablecoins backed by gold.

Aljara’s tweet references a previous tweet from July, when Judge Annalisa Torres declared that XRP was not ostensibly a security to the US Securities and Exchange Commission (SEC). We spotlighted Ripple’s groundbreaking legal victory.

Former official shares insight on Ripple’s stablecoin hype

Ripple has amassed significant capital and made strides with XRP, but a possible change in focus to turn XRP into a stablecoin has sparked debate in the crypto world. When asked if the evolution of XRP into a stablecoin is guaranteed, former Ripple director Sean McBride replied: answered A resounding “no”.

“What I think is more likely is that #XRP is classified as something completely different. Something like a stablecoin for payments,” McBride explained.

He also added that if XRP is going to be used for large-scale business-to-business (B2B) transactions across borders and institutions, it cannot be “insanely cheap.”

McBride has previously stated that the current state of XRP usage is already considered “stablecoin-like” by the World Bank, and is convinced by the company’s argument that it does not need stablecoin assets at this time. he claimed.

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp

SUBSCRIBE TO

Sign up to stay informed to breaking news