Former Ripple Director Claims XRP Recognized as Stablecoin by the World Bank
The World Bank’s categorization of XRP as a stablecoin suggests a potential shift from its current status. Ripple’s aim to position XRP as a bridge currency between Central Bank Digital Currencies (CBDCs) may be influencing their decision to not introduce a stablecoin on the XRPL. In a recent Twitter exchange initiated by Ripple supporter Wrath of Kahneman, the discussion about XRP’s role in the stablecoin ecosystem gained traction. Former Ripple director Sean McBride joined in, offering insights and shedding light on the World Bank’s classification of XRP as a stablecoin.
So, is XRP on the verge of becoming a dominant stablecoin? Or does Ripple have another strategy up its sleeve? Let’s delve into it.
Transformation Potential for XRP
McBride expressed his belief in the utility of XRP and revealed that the World Bank sees it as a stablecoin, hinting at a possible departure from its current status as a US-pegged cryptocurrency by Ripple.
The acknowledgment from the World Bank adds credibility to Ripple’s efforts to position XRP as a reliable bridge currency for global cross-border payments. This recognition demonstrates the acceptance and usefulness of XRP in the international financial landscape.
However, the controversial nature of the World Bank’s stance raises questions, with some speculating that it is linked to XRPL’s plans to introduce a stablecoin.
Ripple’s Long-term Decision
The discussion also brought up inquiries about why Ripple hasn’t introduced a stablecoin on the XRPL in the past decade. Some speculate that Ripple’s goal of positioning XRP as a bridge currency between Central Bank Digital Currencies (CBDCs) might be influencing this choice.
Influencer Mr. Huber highlights Ripple’s perspective, considering private stablecoins as competing technologies and emphasizing the role of XRP as a bridge currency.
As debates about Ripple’s strategic direction persist, McBride’s support for the utility of XRP and the World Bank’s recognition of its stability hold weight in ongoing discussions.
Evolving Role of XRP
Amidst the ongoing discussions about XRP potentially becoming a stablecoin, the conversation continues to evolve. Fueled by insights from industry insiders, Ripple supporters, and the World Bank’s classification, the discourse remains dynamic.
As Ripple’s strategic choices face scrutiny, the unfolding narrative prompts reflection on the potential transformations that could shape XRP’s role in the broader cryptocurrency landscape.
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