In a recent interview, Ripple’s Middle East and Africa CEO Reece Merrick shared his personal opinion on the company’s plans to create and launch its native stablecoin.
In a recent interview, Ripple’s Middle East and Africa CEO Reece Merrick shared his personal opinion on the company’s plans to create and launch its native stablecoin.
He also explained why he thinks it will be a success, while popular dollar-backed stablecoins like USDT and USDC have already been on the market for many years. He video excerpt was shared by XRP enthusiast @BankXRP.
Ripple activity in Dubai
In particular, Merrick spoke about the sector he is in charge of, and part of it is Dubai, where the Crypto Expo Dubai 2024 event recently took place. The executive stated that Dubai now offers “forward-thinking regulation” and a significant network for Ripple to continue exploiting this region, taking advantage of the multiple opportunities it offers.
Currently, according to Merrick, Ripple has been in this area for four years, working not only on the expansion of fintech but also on increasing the adoption of cryptocurrencies and blockchain in that region. During the talk, the head of Ripple Middle East also answered some questions about Ripple’s plans to launch its own stablecoin and take some of the market share from the USDT and USDC that has already been actively used not only there but throughout the world. world in general.
Yuri MolchanKey USP of Ripple stablecoin
When asked about the upcoming development and launch of the stablecoin by Ripple, Reece Merrick admitted that this seems to be a logical step for the company. Currently, he noted, there is a $150 billion stablecoin market, and it is projected to reach a staggering $2.8 to $3 trillion by 2028. Additionally, there is also significant demand for more companies, which comply and are regulated, enter this market. space.
Ripple now, according to Merrick, believes there is a strong need for a regulated USD-backed stablecoin to emerge in the market, as around 60% of all deals outside the US, including the Middle East region East, are made in US dollars.
As for the unique selling point of Ripple’s stablecoin, Merrick said the company has spent 12 years building a cross-border offering. “We have the infrastructure. The stablecoin was the next evolution of that.”
