Here are the details from Ripple Insights

Ripple, a blockchain-based digital payment network and protocol, emerged as the best solution for stablecoin issuers when choosing the best blockchain.

On November 23, 2022, Ripple shared the findings on its official website, titled “The Global Stablecoin Race is On.” It also shared information that “as stablecoins are rolled out globally, new partners like Stably_Official and stasisnet are using the power of the XRPL to issue stablecoins.”

Stablecoins are a type of cryptocurrency intended to peg their market value to benchmarks, which can be fiat money, exchange-traded commodities, or any cryptocurrency. And Central Bank Digital Currency (CBDC) is a digital currency issued by central banks.

Ripple noted that this year may be remembered as the year of the stablecoin. Despite Terra’s implosion, the stablecoin sector rallied, hitting a new high of $1 trillion in monthly trading volume in August, and continued to be on the agenda of the World Economic Forum, the Committee on Payments and Market Infrastructure, and US regulators for their role and impact to evaluate the economic markets.

The new partners like Stable and STASIS, together with Ripple, will unlock the XRP Ledger (XRPL) as a fast, low-cost, and scalable blockchain that offers clear liquidity, reliability, and interoperability advantages for stablecoin issuers.

Ripple justified this by saying that chain sustainability and interoperability are also increasingly important determining factors as they continue to shift toward a greener, multi-chain future. Therefore, the XRPL is best suited to support stablecoins at scale, according to Ripple’s recent report.

Additionally, Web3 payment infrastructure provider Stable has chosen to issue its USDS stablecoin on the XRPL as it offers liquidity and settlement at scale for tokenized assets. Stable enables individuals and companies from 200+ countries to mint and redeem USDS directly on the XRP Ledger.

Ripple is also working with the Republic of Palau to help research a potential state-backed stablecoin on the public XRPL.

John E. Deaton, a blockchain enthusiast, noted that XRP has been in the top 10 cryptos for a decade. He pointed out that when FinCEN merged with Ripple in 2015, XRP was 2. Between 2017 and 2018, it battled Ethereum (ETH) consistently for 2. In October 2018, even after Hinman gave ETH a free pass, XRP was briefly 2. And then XRP was 3 when the SEC sued Ripple in December 2022.

According to the data, XRP has emerged as the top gainer among the top 100 cryptocurrencies over the past 24 hours. Its price is up more than 9% over the past day. At the time of writing, it is trading at an average price of $0.40. And the global crypto market cap has seen a drop of around 2% over the past few days.

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