Ripple Fully Ready to Launch Stablecoin: Middle East and Africa Managing Director

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As an analyst with a background in fintech and blockchain, I find Ripple’s plans to launch its native stablecoin intriguing, especially given the existing dominance of USDT and USDC in the market. Reece Merrick’s perspective as the Middle East and Africa Managing Director for Ripple sheds some light on the company’s strategic intentions.

Recently, Reece Merrick, the managing director of Ripple‘s Middle East and Africa region, spoke openly about the company’s intentions to develop and introduce their own native stablecoin in an interview.

As a researcher studying the cryptocurrency market, I came across an intriguing explanation from someone about why they think their new stablecoin will be successful. This person noted that despite the presence of well-established USD-backed stablecoins like USDT and USDC for several years, they remain confident in their project’s potential. @BankXRP kindly shared a video extract featuring this discussion on Twitter.

Ripple’s activity in Dubai

As a crypto investor, I’m particularly intrigued by Merrick’s insights into the sector he oversees. Notably, he mentioned Dubai, a place where recent events like the Crypto Expo Dubai 2024 took place. The executive expressed that Dubai is now paving the way with progressive regulations and providing Ripple with an extensive network to capitalize on the myriad opportunities this region presents.

Merrick currently reports that Ripple has been active in this field for the past four years. The company’s efforts extend beyond fintech growth, as they also aim to advance crypto and blockchain acceptance in that region. During his presentation, Ripple’s Middle East director shared insights on Ripple’s intentions to introduce its own stablecoin and potentially challenge the dominance of USDT and USDC, which have gained significant popularity not only in that region but globally.

Ripple stablecoin’s key USP

Reece Merrick acknowledged the imminent development and release of Ripple’s stablecoin as a sensible move for the company. He noted that the stablecoin market currently boasts a sizeable $150 billion valuation and is projected to surge to an astounding $2.8-$3 trillion by 2028. Furthermore, there exists a substantial appetite for more regulated and compliant businesses to join this sector.

According to Merrick’s perspective, Ripple holds the view that a regulated USD-backed stablecoin is essential for the market given that approximately 60% of international transactions, including those in the Middle East, are conducted using US dollars.

I’ve spent the last 12 years developing Ripple’s cross-border offering, and now we’re introducing our stablecoin as the next step in its evolution.

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2024-06-07 16:55