World Bank Defines XRP Token as Stablecoin: Former Ripple Executive

  • McBride, speculations while acknowledging, reiterated his belief in the utility and progress recorded in the adoption of XRP.
  • The World Bank’s recognition of Ripple’s native crypto as a stablecoin indicates an increasing acceptance and usefulness in the global financial landscape.
  • Ripple’s focus on establishing XRP as a bridge currency among Central Bank Digital Currencies (CBDCs) may influence this decision.

The World Bank categorizing XRP as a stablecoin sparks new debates: Can Ripple launch a stablecoin?

Classifying XRP Token as a Stablecoin

Ripple-XRP

Ripple’s XRP has been in the news again due to the stablecoin frenzy revolving around the XRP Ledger (XRPL) for several years. Sean McBride, a former executive at Ripple, joined a discussion initiated by a tweet from a prominent Ripple supporter named Wrath of Kahneman. The tweets revolved around the possibility of Ripple issuing a stablecoin and the potential impacts on the role of XRP within the ecosystem.

While acknowledging speculations, McBride emphasized his belief in the utility and progress made in the adoption of XRP. Additionally, he mentioned the possibility of XRP becoming a stablecoin in the future, highlighting the World Bank’s classification of XRP as a stablecoin.

The World Bank’s acknowledgment of Ripple’s native crypto as a stablecoin indicates an increasing acceptance and usefulness in the global financial landscape. This recognition provides significant validation to Ripple’s efforts to position XRP as a reliable bridge currency for cross-border payments and settlements.

However, the World Bank’s stance is somewhat controversial. Analysts have pointed out that the World Bank could list XRP as a stablecoin because XRPL may have disclosed plans for issuing a stablecoin for years. Additionally, speculation about Ripple-backed crypto turning into a stablecoin is considered unfounded.

Why Hasn’t Ripple Launched a Stablecoin Yet?

However, the debate also brought up questions about Ripple’s decision not to introduce a liquid stablecoin on XRPL in the last decade. According to speculations by crypto influencer Mr. Huber, Ripple’s focus on establishing XRP as a bridge currency among Central Bank Digital Currencies (CBDCs) may have influenced this decision.

He also emphasized that Ripple views private stablecoins as competing technologies and, therefore, prioritizes the role of its native token as a bridge currency. While the debate about Ripple’s strategic direction continues, McBride’s defense of the utility of XRP and acknowledgment of the World Bank’s decision serve as influential factors in the ongoing discussion.

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Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
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