In a recent interview, Ripple’s Middle East and Africa Managing Director Reece Merrick shared his personal take on the company’s plans to create and launch its native stablecoin.
He also explained why he believes it will be a success, while such popular USD-backed stablecoins as USDT and USDC have already existed in the market for many years. The video extract was shared by XRP enthusiast @BankXRP.
Ripple’s activity in Dubai
In particular, Merrick spoke about the sector he is in charge of, and part of it is Dubai where, recently, the Crypto Expo Dubai 2024 event took place. The executive stated that Dubai now offers “forward-thinking regulation” and a major network for Ripple to continue exploiting this region, taking up the manifold opportunities it offers.
Currently, according to Merrick, Ripple has been in this area for four years, working not only on fintech expansion but also increasing crypto and blockchain adoption in that region. During the talk, the Ripple Middle East director also answered a few questions about Ripple’s plans to release its own stablecoin and take some of the market share from USDT and USDC that has been actively used not only there but around the world in general already.
Ripple stablecoin’s key USP
When asked about the approaching development and the launch of the stablecoin by Ripple, Reece Merrick admitted that this seems to be a logical step for the company. Currently, he pointed out, there is a $150 billion market of stablecoins, and its is predicted to reach a staggering $2.8-$3 trillion by 2028. Besides, there is also significant demand for more businesses, which are compliant and regulated, to enter this space.
Ripple now, according to Merrick, believes that there is a great need for a regulated USD-backed stablecoin to emerge on the market since around 60% of all settlements outside the U.S., including the Middle East region, are made in U.S. dollars.
As for the unique selling point of Ripple’s stablecoin, Merrick said that the company has spent 12 years building a cross-border offering. “We have the infrastructure. The stablecoin was the next evolution of that.”
