In a recent tweet exchange initiated by Ripple supporter Wrath of Kahneman, the debate around XRP’s role in the stablecoin ecosystem gained momentum. Sean McBride, a former Ripple director, joined the conversation, offering insights into the ongoing discussions and shedding light on the World Bank’s classification of XRP as a stablecoin.
XRP As A Stablecoin – WorldCoin
Speaking about the possibility of XRP turning into a stablecoin, McBride expressed his belief in XRP’s usefulness. Notably, he pointed out that the World Bank sees XRP as a stablecoin, hinting it might change from being a new US-pegged cryptocurrency by Ripple.
Meanwhile, the World Bank’s recognition of XRP as a stablecoin adds a layer of legitimacy to Ripple’s efforts in positioning XRP as a reliable bridge currency for cross-border payments. This acknowledgment is a testament to XRP’s acceptance and utility within the global financial landscape.
However, the controversial nature of the World Bank’s stance raises questions about its motive, with some analysts attributing it to XRPL’s longstanding plans to introduce a stablecoin.
Ripple’s Long-term Choice
The discussion also raised questions about why Ripple hasn’t introduced a stablecoin on the XRPL in the past ten years. Some speculate that Ripple’s goal of positioning XRP as a bridge currency between Central Bank Digital Currencies (CBDCs) could be influencing this decision.
Influencer Mr. Huber highlights Ripple’s perspective, seeing private stablecoins as rival technologies and giving precedence to XRP’s role as a bridge currency.
While debates persist about Ripple’s strategic direction, McBride’s support for XRP’s usefulness and the World Bank’s acknowledgment of its stability carry significant weight in ongoing discussions.
XRP’s Evolving Role
Amidst ongoing discussions about XRP potentially transforming into a stablecoin, the conversation is dynamic. It’s fueled by insights from industry insiders, Ripple supporters, and the noteworthy classification by the World Bank.
As Ripple’s strategic choices come under scrutiny, the evolving narrative prompts reflection on the potential transformations that could shape XRP’s role in the broader crypto landscape.
Read More: Former Ripple Director Says World Bank Tags XRP as Stablecoin