Ripple CEO Brad Garlinghouse has put to rest any doubts about the company’s commitment to XRP, the seventh-largest cryptocurrency by market capitalization.
Garlinghouse reaffirmed Ripple’s unwavering support for XRP during a fireside chat at the recent XRP Las Vegas 2024 event. The event, held from May 3 to 4, featured informative lectures on various crypto-related subjects, such as Web 3.0 and TradeFi/DeFi. It also included fireside chats with Garlinghouse and other influential figures in the crypto community.
During the chat, Garlinghouse made it clear that those questioning Ripple’s dedication to XRP are mistaken.
Some investors have started to doubt Ripple’s commitment to XRP due to a few recent developments. One of these is the company’s plan to launch a stablecoin later this year. Speculation suggests that this stablecoin, which will be introduced on the XRP Ledger and Ethereum, will enable U.S.-based clients to carry out cross-border settlements using the On-Demand Liquidity solution (now known as Ripple Payments). Although Ripple has not officially confirmed this speculation, experts believe that the stablecoin will help the company navigate the regulatory landscape in the United States, where it is currently embroiled in a legal battle with the SEC. Critics, however, believe that Ripple intends to favor the stablecoin over XRP as the preferred asset for international payments.
Another factor that has raised doubts about Ripple’s commitment to XRP is the exclusion of the asset from Ripple’s Liquidity Hub. The hub provides liquidity for businesses to buy, sell, and hold digital assets. Prior to its launch, Ripple stated that the platform would support XRP as well as other popular cryptocurrencies like Bitcoin and Ethereum. However, XRP was ultimately left out of the list of supported assets due to regulatory concerns in the United States.
Despite these developments, Garlinghouse’s statement serves as proof that Ripple is not shifting its focus away from XRP. The company’s forthcoming stablecoin and the exclusion of XRP from the Liquidity Hub are simply strategic moves aimed at navigating the regulatory landscape in the United States.
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