USDC stablecoin launches on XRP Ledger
Circle's USDC stablecoin launched on the XRP Ledger (XRPL) on Thursday, bringing the overcollateralized dollar-pegged token to users of the layer-1 blockchain network.
According to an announcement from Ripple, the launch of USDC on the platform will enable investors to use XRP as a bridge currency to transfer their stablecoins between decentralized exchanges (DEXs) through an auto-bridging feature. Markus Infanger, the senior vice president of RippleX added:
'Stablecoins are key entry points connecting traditional financial markets with the crypto space — essential for use cases focused on utility rather than speculation.'
Support for USDC on the XRPL comes amid a concerted push to establish comprehensive stablecoin regulations in the United States, as the sector swells to over $237 billion in market capitalization with geo-strategic and macroeconomic implications.
Stablecoins become the focal point of protecting US dollar salability
Overcollateralized stablecoin issuers purchase short-term US Treasury bills to back their digital fiat tokens, collecting the yield from these government securities as profit.
A growing number of US lawmakers and officials view stablecoins as a way to mitigate de-dollarization by foreign countries offloading US government debt due to concerns over the creditworthiness of the US government and the declining value of the US dollar.
As sovereign powers dump US debt instruments, bond yields spike as investors demand higher interest payments to lend to the government.
This, in turn, leads to higher debt service costs for the government, causing the $36 trillion national debt to become even more costly to maintain and further inflating the principal amount owed, creating a vicious cycle of debt monetization to pay back creditors and fund the budget.
During the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent promised to prioritize stablecoin development to protect US dollar hegemony by leveraging the demand for stablecoins to increase the salability of the US dollar globally.
However, critics of the fiat system like Bitcoin advocate Max Keiser say the plan to shore up declining demand for the US dollar with stablecoins will only delay the inevitable collapse of the dollar but will not save it.
Stable tokens backed by gold will outcompete dollar-pegged stablecoins for several reasons, including gold's high stock-to-flow ratio, which protects its value from rapid inflation and price depreciation, according to Keiser.
Source: https://cointelegraph.com/news/usdc-stablecoin-launches-xrp-ledger
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
32 minutes ago
- UAE Moments
Your Daily Career Tarot Card Reading for June 23rd, 2025
23.6.25 The Lovers: If you've been given two equally tempting job offers or contracts and aren't sure which one to take, make time to get some quiet time and reflect on your situation. Even better, sleep on it and notice your first thoughts on it upon waking. Be prepared to discuss your ideas with friends and loved ones, too, and you'll soon have a solid understanding of what's best for you.
UAE Moments
32 minutes ago
- UAE Moments
♍ Virgo: Daily Horoscope for June 23, 2025
Dear Virgo, today the cosmic energies invite you to embrace change and transformation. With the Moon in Gemini trine Pluto, you're encouraged to explore new ideas and let go of rigid patterns. Love Horoscope Today, Virgo, your love life might feel like a puzzle with a few missing pieces. The Moon's square with Mars suggests potential misunderstandings or small conflicts with your partner. However, remember that every relationship has its ups and downs. Use your natural eloquence to communicate openly and resolve any issues. Single Virgos might find themselves attracted to someone unexpected. Embrace the surprise and let your heart guide you. Love is not always logical, and sometimes the most beautiful connections are those that defy explanation. Career Horoscope At work, Virgo, the Moon's influence suggests a day of productivity and collaboration. You might find yourself in situations that require quick thinking and adaptability. Trust your intelligence and logical sense to navigate any challenges. Your meticulous nature will be appreciated by colleagues, but remember to be open to others' ideas as well. Teamwork can lead to innovative solutions and success. If you're feeling overwhelmed, take a step back and prioritize tasks. Remember, every small step forward is progress, and your dedication will not go unnoticed. Health Horoscope Virgo, today is a day to focus on balance and harmony within yourself. The Moon's trine with Pluto encourages transformation, so consider engaging in activities that rejuvenate your spirit. Whether it's a yoga session, a walk in nature, or simply meditating, allow yourself to connect with the universe's energy. Remember, well-being is not just physical but also emotional and spiritual. Take time to breathe deeply and appreciate the present moment. Your meticulous nature can sometimes lead to stress, so find joy in the little things and let go of perfection. Finance Horoscope Financially, Virgo, today is a day to be cautious yet optimistic. The Moon's sextile with Saturn suggests stability, but the square with Mars warns against impulsive decisions. Review your budget and ensure your expenses align with your long-term goals. This is a great time to plan for future investments or savings. Your logical sense and attention to detail will serve you well in managing your finances. Remember, wealth is not just about money but also about the richness of experiences and relationships in your life. This article was previously published on bahrainmoments. To see the original article, click here
UAE Moments
32 minutes ago
- UAE Moments
♑ Capricorn: Daily Horoscope for June 23, 2025
Dear Virgo, today the cosmic energies invite you to embrace change and transformation. With the Moon in Gemini trine Pluto, you're encouraged to explore new ideas and let go of rigid patterns. Love Horoscope Today, Virgo, your love life might feel like a puzzle with a few missing pieces. The Moon's square with Mars suggests potential misunderstandings or small conflicts with your partner. However, remember that every relationship has its ups and downs. Use your natural eloquence to communicate openly and resolve any issues. Single Virgos might find themselves attracted to someone unexpected. Embrace the surprise and let your heart guide you. Love is not always logical, and sometimes the most beautiful connections are those that defy explanation. Career Horoscope At work, Virgo, the Moon's influence suggests a day of productivity and collaboration. You might find yourself in situations that require quick thinking and adaptability. Trust your intelligence and logical sense to navigate any challenges. Your meticulous nature will be appreciated by colleagues, but remember to be open to others' ideas as well. Teamwork can lead to innovative solutions and success. If you're feeling overwhelmed, take a step back and prioritize tasks. Remember, every small step forward is progress, and your dedication will not go unnoticed. Health Horoscope Virgo, today is a day to focus on balance and harmony within yourself. The Moon's trine with Pluto encourages transformation, so consider engaging in activities that rejuvenate your spirit. Whether it's a yoga session, a walk in nature, or simply meditating, allow yourself to connect with the universe's energy. Remember, well-being is not just physical but also emotional and spiritual. Take time to breathe deeply and appreciate the present moment. Your meticulous nature can sometimes lead to stress, so find joy in the little things and let go of perfection. Finance Horoscope Financially, Virgo, today is a day to be cautious yet optimistic. The Moon's sextile with Saturn suggests stability, but the square with Mars warns against impulsive decisions. Review your budget and ensure your expenses align with your long-term goals. This is a great time to plan for future investments or savings. Your logical sense and attention to detail will serve you well in managing your finances. Remember, wealth is not just about money but also about the richness of experiences and relationships in your life.
