In a recent interview, Reece Merrick, General Manager of Ripple Middle East and Africa, explained why he believes the company's plans to create and launch its native stablecoin will be successful. Merrick specifically touched upon its remit in Dubai, stating that Dubai now offers 'forward-thinking regulations' and is an important network for the company to continue its exploration in the region.
Merrick stated that Ripple has been working in this area for four years and is focused on increasing fintech expansion and crypto and blockchain adoption in the region. Stating that this step of the company is logical, Merrick explained that there is currently a stablecoin market of 150 billion dollars and this figure is expected to reach 2.8 to 3 trillion dollars in 2028. He also emphasized that there is significant demand for regulated businesses to enter this space. Ripple believes there is a significant need for a regulated dollar-backed stablecoin in the market.
Ripple President Monica Long stated that the reason the company entered this sector was the demand from customers of various types of financial institutions who want to use blockchain for more efficient global payments. Long emphasized that the company's tradition of being a reliable, compatible and secure actor has continued for more than 10 years, and stated that it is a great candidate to bring a reliable dollar-backed stablecoin to the market.
As for XRP spot ETFs, Monica Long said “that would make a lot of sense,” as only XRP and Bitcoin have regulatory clarity in terms of status in the US, and XRP is one of the top ten crypto assets by market cap and daily trading. He said that it was among the top five in transaction volume.
In another major development, Russian President Vladimir Putin has approved developing an independent payments system and signaled that the bloc will explore using XRP, which is associated with Ripple, in a payment scheme for cross-border settlements. This move could trigger a massive rally for XRP.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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