Ripple (XRPUSD)

[WiseYoda]

Ive heard many say XRP will be backed by gold but that doesn’t make any sense to me because XRP is a bridge asset. It looses all its scalability, speed, decentralization if it got pegged. It defeats the entire purpose of the goal in having all value run on the XRPL.

Having stable coins though pegged to gold collateralized by XRP on the XRPL aligns with the overall goal. Its like XRP would act as a large reserves vault for everything running across the XRPL.

Commodity backed stable coins by gold is unfolding—the bill for it has not been voted on yet (see link below). The financial war of having all value run on its blockchain is real and brings the battle between ETH and XRPL to mind.

Thats what the lawsuit against Ripple is really about as they are a threat to JPM who is behind ETH. In comparison to efficiency, speed, cost, cross offers, conversions and pairing for the best rate ETH loses against the XRPL.

PS: Many like to bring up XLM with XRP as well because of their history together and because they are fork of the XRPL and are connected to IBM.

Stable coins offer instantaneous processing as well as stability in pairing against fiat currencies and the only two digital currencies that fall into that category is XRP and XLM.

Nobody knows how this story ends or who will be the king of the hill but if a gold backed stable coin gets implemented onto the XRPL its going to be the start of a major transfer of value onto the XRPL.

LINK:

When Gold Backed Stable Coin? “Commodity Backed Stablecoins”

“Its Stable Because The Value Of It Represents One Ounce Of Gold” -Warren Davidson Speaking On A Possible amendment to HR 4766 “Stablecoin Act Of 2023” #XRP #RippleXRP
(Circa 2023) pic.twitter.com/cRZs8Xo3DR

— 𝙈𝙚𝙩𝙖𝙈𝙖𝙣 𝙓 ™ (@MetaMan_X) November 20, 2023