According to U.Today, Meld Gold has partnered with Ripple, a leading U.S. fintech company, to launch two new stablecoins on the XRP Ledger (XRPL). These tokens, backed by Gold and Silver, will each represent 1g of the respective precious metal. The metals are held by leading custody providers MKS Pamp and Imperial Vaults. The tokens are set to be launched in the third quarter of 2024.
The GOLD and SILVER assets will be fully redeemable for Gold bullion and Silver bullion, respectively. This move is expected to pave the way for more Gold-backed stablecoins to be released on the XRP Ledger's rails. Meld Gold's initial integration will deliver fungible Gold and Silver assets on XRPL in Q3, 2024. The company currently maintains similar digital assets on Algorand (ALGO), another programmable L1.
Meld Gold CEO, Michael Cotton, emphasized the significance of this release for the entire ecosystem of tokenization protocols on XRPL and the Web3 sphere. He stated that their team of industry experts has deep experience in every component of the supply chain, from origination, certification, and logistics, to storage and insurance. Their passion for disrupting and advancing digital ownership is ideal for the coming RWA revolution.
Ripple's president Monica Long announced that the company is witnessing an increased demand for RWA solutions from its B2B customers. Ripple is exploring various opportunities for tokenization on XRPL. Meld Gold's representatives highlighted that the integration with XRPL was focused on helping in growing the XRPL DeFi ecosystem, offering the world’s most accepted and largest-cap assets on-chain. By on-ramping essential liquidity, new and existing users can capitalize on XRPL’s native features, including the DEX, AMM, payment systems and the upcoming EVM side and money market.