- Ripple’s plan to introduce stablecoin brings along scepticism over integration with XRP in payments.
- Bill Morgan questions the necessity of combining stablecoin with XRP in crypto-enabled payments.
- Ripple aims to bridge traditional finance and crypto through stablecoin launch on XRP Ledger.
Famous Attorney and key figure in the digital asset world, Bill Morgan, has publicly questioned Ripple CEO Brad Garlinghouse’s announcement regarding the company’s forthcoming stablecoin launch.
Yesterday, Ripple had announced its intention to introduce a stablecoin pegged 1:1 to the USD, to be hosted on the XRP Ledger and Ethereum. The decision came in response to the flourishing stablecoin market, which is valued at around $150 billion, with projections indicating exponential growth to exceed $2.8 trillion by 2028.
The controversy started when Morgan responded to Garlinghouse’s tweet, applauding Ripple’s initiative to bridge traditional finance with the crypto sphere through the introduction of a stablecoin.
Morgan raised critical inquiries about the necessity of integrating the stablecoin with XRP, which is Ripple's native cryptocurrency, in crypto-enabled payments.Morgan's tweet hinted at concerns within the community regarding Ripple's strategic move.
"You say you will use the new stablecoin together with XRP in crypto enabled payments. I have assumed XRP was sufficient of itself as a bridge in payments so how are they used together or why do they need to be used together. Are they options to use as the payment bridge and customers choose one or the other?"
Garlinghouse's initial tweet outlined Ripple's rationale behind the stablecoin launch which was focused on the company's experience, its regulatory compliance and the global network coverage as foundational pillars for advancing crypto-enabled payments using both XRP and the forthcoming stablecoin.
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