Can Ripple’s XRP Be a Gold-Backed Stablecoin? Black Swan Capitalist Debates
The post Can Ripple’s XRP Be a Gold-Backed Stablecoin? Black Swan Capitalist Debates appeared first on Coinpedia Fintech News
Speculations are rife in the crypto world as Versan Aljarrah, the Founder of Black Swan Capitalist, once again hints at a potential transformation for Ripple’s XRP. This time, the buzz surrounds the idea of XRP evolving into a gold-backed stablecoin, a departure from the usual USD-pegged stablecoins.
Here’s a deep dive into this interesting take.
Ripple’s Classification Sparks DebateThe journey began in 2023 when the World Bank unexpectedly labeled XRP as a stablecoin. This move triggered discussions within the crypto community about the future of cross-border payments and the role of digital currencies in traditional banking.
The final ruling settled it: #XRP is NOT a security! We already won.
It's time to turn the page and shift the discussion to #stablecoins, where stability meets #innovation.
Months ago, we covered an article from the #WorldBank on stable coins. Shouldn't we talk about it? pic.twitter.com/tuBXWH0TDK
Former Ripple director Sean McBride’s comments added fuel to the fire, emphasizing the World Bank’s surprising classification and igniting conversations about XRP’s evolving role. He asks the community for insights.
Ripple has tons of capital. I’m super interested in your thought here, though. Why move away from #XRP and its utility with progress being made, and many including the World Bank, already classifying #XRP as a stable coin? Thank you for all your research and insight, it’s truly…
— Sean McBride (@seanmcbride16) February 14, 2024While traditionally positioned as a bridge currency for cross-border transactions, recent speculations hint at a strategic shift for Ripple. There are talks about integrating stablecoin functionality through Automated Market Makers (AMMs), raising questions about how Ripple plans to meet stability demands in the banking sector.
Read More: Jupiter Asset Management Dumps $2.5 Million in XRP: Should Investors Worry?
XRP as the Ideal Gold-Backed StablecoinVersan Aljarrah, supported by research from Black Swan Capitalist’s financial analyst Vandell and Miles Franklin CEO Andy Schectman, boldly predicts XRP’s potential as an ideal gold-backed stablecoin.
“We’ve been vocal about the #WorldBank, #IMF, and World Gold Council openly discussing the need for a #gold-backed #stablecoin for central banks to #tokenize gold reserves. After much research, along with Vandell & Miles Franklin Co (Andy Schectman), we believe XRP will be the key.”
While some in the crypto community are optimistic about XRP’s shift to a gold-backed stablecoin, others express skepticism about the benefits of introducing such a stablecoin on the XRP Ledger (XRPL).
Read More: Bitcoin, Ethereum, And XRP Price Prediction For Next Week!
A Shift in the Financial SectorBeyond the XRP debate, the potential transformation into a stablecoin signals a broader shift in the financial sector. This move is driven by a quest for efficiency, security, and global reach. The ongoing debate questions XRP’s original mission and whether the World Bank’s classification is a positive endorsement or a sign of further evolution.