News
A gold-backed stablecoin is coming to Ripple
Among today’s crypto news, the announcement of Meld Gold, a digital finance company, cannot be missed. They have formed a new partnership with Ripple to launch the gold-backed stablecoin on the XRP Ledger (XRPL).
Crypto News: Ripple’s XRPL gold-pegged stablecoin to launch in Q3 2024
Melt the golddigital finance company, announced that it had done so has chosen Ripple’s XRP Ledger to develop and launch the new gold-backed stablecoin.
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Why XRPL?
As a layer 1 decentralized blockchain known for reliability and stability in the tokenization and exchange of crypto-native and real-world assets, XRP Ledger offers institutional-grade functionality and built-in functionality to enable secure, efficient and scalable operation. ..— Meld Gold (@meldgold) June 7, 2024
“The time has come, @meldgold is coming to XRP Ledger (#XRPL)! Learn more about this pioneering step to physically launch #RWA on #XRPL. #XRPLedger #BuiltOnXRPL. Why XRPL? As a layer 1 decentralized blockchain known for reliability and stability in the tokenization and trading of crypto-native and real-world assets, XRP Ledger offers institutional-grade functionality and built-in features to enable secure, efficient and scalable financial services and the use cases”.
In practice we are in the category of Real World Assets (RWA)that is, the market that uses blockchain to tokenize tangible assets that exist outside the digital landscape.
The Meld Gold company would then choose Ripple’s XRP Ledger to tokenize gold and silver. This decision was made thanks to the “reliability and stability” that Ripple offers in the tokenization and exchange of cryptocurrencies and real assets.
Not only that, the press release specifies the new gold-backed stablecoin will be launched in the third quarter of this year.
Crypto news: new Gold and Silver tokens developed on Ripple’s XRP Ledger
Going forward with its announcement tweet, Meld Gold then included the debut of a stablecoin also developed on Ripple’s XRP Ledger, but anchored to silver.
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“Integrate XRPL as a second blockchain alongside @algorand @algorandfoundation represents another step towards providing unmatched access to resources like #Gold AND #Silver with industry-leading technologies.” – @MichaelDCotton— Meld Gold (@meldgold) June 7, 2024
“What will Meld Gold launch? Gold and Silver tokens will be available on #XRPL in the third quarter, combining the world’s oldest currency with the reliability, utility and accessibility offered by XRPL. The Meld Gold team will continue to drive physical RWA innovation into a multi-chain future!”
So both the Gold and Silver tokens on Ripple’s XRPL will be launched in Q3 2024.
In this regard, then, the tweet reports the comment of the CEO of Meld Gold, Michele Cotton, which also mentions the Algorand blockchain:
“Integrating XRPL as a second blockchain alongside @algorand @algorandfoundation is another step towards offering unprecedented access to assets like #Gold and #Silver with industry-leading technologies.”
The positive forecast for XRP ETFs
Recently, Ripple has also been making headlines in the ETF industry. Specifically, the CEO of Ripple, Brad Garlinghouse, he’s done some positive forecasts regarding the launch of spot ETFs on XRP.
According to Garlinghouse, new XRP ETFs are being approved in the US will become inevitable, although we will have to wait until at least 2025.
Along with XRP ETFs, many also comment on the Spot ETF on Solana. Indeed, some rumors complaint that the largest asset manager in the world, BlackRock could already apply for a Solana ETF next month.
In any case, at the time of writing, XRP is worth $0.48, falling below $0.50 just last week. The current price is still a long way from the yearly high of $0.71 reached in March 2024.