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Ripple Chief Technology Officer David Schwartz (known as “JoelKatz” on X) has published another cryptic tweet that has caught the attention of the XRP community.
This time, he posted a photo of a logo placed behind a shop-window. The company’s logo has “Sunscream” written on it. The XRP community quickly responded to Schwartz’s tweet, sharing their associations with the word “scream.”
Many, however, started to ask questions about the XRP price and Ripple’s future stablecoin in the comments, ignoring the tweet itself.
Hey what’s the ripple stable coin going to be called?
— XRP_Bandit💰 (@Chief_XRP) April 5, 2024
Schwartz is known to frequently publish cryptic posts on the X platform as they farm him a lot of engagement.
Ripple to build asset on XRPL and Ethereum
Earlier this week, Ripple exploded the cryptocurrency community by announcing its plans to launch a fully-fledged stablecoin pegged to the U.S. dollar.
The Ripple press release states that the new asset will be fully backed not only by USD deposits, but also by other cash equivalents. These funds are to be audited by an accounting firm hired specially for this task. Ripple will release attestations on a monthly basis.
Currently, the stablecoin market is worth $150 billion, and within the next four years, it is expected to grow bigger than a staggering $2.8 trillion. Ripple wants to help the market meet this constantly growing demand and launch its own stablecoin, using its extensive experience in building financial solutions for various global financial institutions.
The stablecoin will run on both XRP Ledger and the Ethereum blockchain platform, targeting an expansion to other blockchains and DeFi apps in the future.
Ripple boss Brad Garlinghouse commented, stating that this is quite a natural move for Ripple to construct a digital bridge between the conventional financial system and the new world of cryptocurrencies and blockchain.
Can Ripple's future stablecoin beat USDT?
Advisor at VanEck and Tether Gabor Gurbacs recently commented that he believes Tether’s stablecoin USDT to be “the king” above all the other stablecoins in the market.
Even though he is all up for competition increase, Gurbacs stated that only Tether has “the right principles and history,” USDT has high liquidity, the “right geo-focus,” the perfect design and a team that can support real use cases demanded by the market around the world.
Gurbacs admitted that it was the aforementioned news that inspired him to comment.