Ripple Says That Stablecoins Could Be Built On XRP Ledger

The company which is behind the XRP altcoin, the Ripple Foundation, has recently turned to the public and announced new features of the XRP Ledger. As you probably know from our blockchain news, RippleNet is another branch of this foundation which provides a safe, convenient and easy-to-use wallet for holders of the XRP cryptocurrency. It also adds up to the features showing that their system’s ledger is expanding. Now, Ripple says that stablecoins can be built on the XRP Ledger – a feature which has been in development ever since the system’s creation back in 2012.

The users of the system have long had the ability to perform transactions on a decentralized ledger. However, the Ripple news now show that soon, they may be able to take advantage of a feature on the network which would allow them to mint asset-backed tokens like stablecoins on the XRP ledger.

A video released by Ripple from last month shows that the Chief Technology Officer (CTO) David Schwartz said that he was working on adding new features to the crypto ledger of the company. In addition to the “core consensus improvements,” the CTO also stood by past statements in not further developing one of the more common features of blockchain.

“Proof-of-Work is kind of a technological dead-end,” he said.
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A feature that Ripple may be unveiling would allow third parties to launch other third-party cryptocurrencies on the XRP system. Ripple says that stablecoins could be one of these, introducing fixed-value tokens to the ledger:

“One of the features that I think is very exciting is a feature that would allow people to launch — well, stablecoins are the obvious use case, but it’s not just stablecoins — it’s essentially assets pegged to some external value.”

With all of these new features, RippleNet will improve and as Schwartz noted, this feature is interesting because “the liquidity is guaranteed by the ledger mechanics.” Also, the number of companies in other countries who could be joining the network and adopting Ripple’s technology has increased. Business is picking up and Ripple has invested heavily in other transmission networks recently, including MoneyGram with which the company extended the partnership to $11.3 million.