As a seasoned analyst with over two decades of experience in the financial sector, I must say that Monica Long’s recent revelations at the Singapore FinTech Festival have set the stage for a potentially transformative chapter in the world of digital currencies. The growing interest in stablecoins, particularly those pegged to fiat currencies like USD, EUR, and SGD, is a clear indication of the market’s shifting dynamics.
In a recent tweet, Ripple President Monica Long ended speculation surrounding the demand for Ripple’s upcoming dollar-pegged stablecoin, RLUSD.
Following a productive week at the Singapore FinTech Festival, Long offered her perspectives on the increasing curiosity surrounding stablecoins.
Just returned from an amazing week at Singapore FinTech Festival, where discussions about stablecoins were everywhere! She emphasized the increasing interest in USD-backed stablecoins in areas like Latin America (LATAM), and suggested that EUR and SGD stablecoins could also carve out their market niche. [She tweeted]
Just returned from an amazing week at the @sgfintechfest! The buzz around stablecoins was everywhere – on stage and off. I had a great chat with @tanvirgill2 on CNBC about the increasing interest (for instance, Latin America is expressing a strong desire for USD-based stablecoins, but European and Singaporean Dollars could also carve out their own niche in the market).
— Monica Long (@MonicaLongSF) November 12, 2024
As a researcher, I unveiled that prior to its public launch, customers have been readied by RLUSD for the utilization of their stablecoin, standing eagerly in line.
In an interview on CNBC’s Street Signs Asia, Long expressed her views on the flourishing market for stablecoins. She predicted that the use of stablecoins for payments will become a significant trend in the future. This suggests that new stablecoins, tied to different fiat currencies, might soon enter the market, broadening the stablecoin network.
Ripple USD awaiting public rollout
The RLUSD (Ripple’s USD stablecoin) will be supported by U.S. Treasury bonds with short maturities, dollar deposits, and cash equivalents. It is currently being tested on both the XRP Ledger and Ethereum mainnet networks. Ripple has engaged BPM, an accounting firm based in San Francisco, to conduct regular, independent monthly audits of its reserves.
In October, Ripple announced that their RLUSD stablecoin is operationally prepared but requires approval from the New York Department of Financial Services for regulatory purposes. They have also revealed potential exchange partners and market makers for the RLUSD stablecoin in preparation for its public launch. Additionally, they appointed former FDIC Chair Sheila Bair and ex-CEO of Centre, David Puth, to their advisory board for the stablecoin.
In April, Ripple revealed intentions to unveil their own stablecoin, aiming to capture a portion of the rapidly expanding $179 billion stablecoin market.
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2024-11-12 15:06