thecryptobasic.com
Ripple ignores XRP and adds two stablecoins to Liquidity Hub’s list of supported assets while opening up the service to Australia and Brazil.
Ripple Labs has added two new crypto assets to its Liquidity Hub product. According to an announcement yesterday, Ripple has added support for the two largest stablecoins by market capitalization- USDT and USDC.
“We’ve added support for stablecoins, specifically USDC and USDT, and will continue to add additional assets in a compliant manner to meet the demands of our enterprise customers,” Ripple remarked.
Following the addition of USDC and USDT, Ripple’s Liquidity Hub now supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Tether (USDT), and USD Coin, as well as the U.S. Dollar (USD).
For context, Ripple’s Liquidity Hub is a platform that offers businesses a streamlined way to buy, sell, and hold digital assets. According to Ripple, businesses in supported regions can gain access to diverse liquidity pools and advanced trading features, including post-trade settlements.
Community Reacts as Ripple Ignores XRP
Notably, Ripple has still not added XRP to Liquidity Hub’s list of supported assets. Recall that in 2021, Ripple said XRP will be among the supported assets when the product officially goes live.
Ripple’s Liquidity Hub launched on April 13, with XRP missing from the list of supported assets. At the time of the product’s launch, many enthusiasts speculated that the decision not to add XRP was due to the SEC v. Ripple legal tussle.
It is worth noting that in December 2020, the SEC charged Ripple with offering XRP as an unregistered security. Interestingly, the court ruled on July 14 that XRP itself is not a security.
However, Ripple still has not added support for XRP despite the court ruling that the asset itself is not a security.
With Ripple adding support for USDC and USDT while neglecting XRP, enthusiasts of the fifth-largest cryptocurrency by market cap have been reacting on the X platform.
An enthusiast requested an explanation from Ripple on why it still has not added XRP to the product.
Then why is xrp not added to liquidity hub . Are we not worthy of an explanation?
— Kester (@TknzdLqdty_XRP) September 14, 2023
Yassin Mobarak, the founder of Dizer Capital, also reacted to the development. He opined that Ripple might be shifting its reliance on XRP in cross-border payments to new use cases, including CBDCs and institutional custody of digital assets.
I'm sensing Ripple is shifting from reliance on XRP in cross border payments to new use cases such as institutional custody of digital assets, derivatives, CBDCs, and carbon credit markets.
Not saying that's a bad strategy at all, but in order for XRP to prosper long-term we… https://t.co/4bgHcTZaB5
— Yassin Mobarak 🪝 (@Dizer_YM) September 14, 2023
Ripple Expands Support to Australia and Brazil
In other news, Ripple announced that the Liquidity Hub platform is now available in Brazil and Australia. The product was initially rolled out in 35 U.S. states, including Georgia, Arizona, and California.
Interestingly, Ripple has expanded the product’s coverage to two more countries outside the United States, starting with Australia and Brazil.
“In addition to the availability in certain states in the U.S., we are now opening up Liquidity Hub availability in Brazil and Australia,” it said.
Consequently, businesses in Australia and Brazil can now leverage Ripple’s Liquidity Hub to buy, sell, and hold digital assets.
Ripple’s Liquidity Hub Gets New Features
Furthermore, Ripple said it has added two new features to the product to streamline operations. The new features include advanced trading UI and an improved Service Level Agreement (SLA) for crypto deposits.
“This greatly improves the customer experience for a variety of customer segments including NFT marketplaces, crypto ATMs, and brokers,” Ripple noted.