Neil DeSilva, the former CFO of PayPal Digital Currencies, and Ripple are exploring a partnership to create a sustainable blockchain business. The new venture could involve XRP and potentially push the altcoin towards $1.
According to an X post by Ripple, DeSilva and Ripple CFO Jon Bilich discussed minimizing risks in digital asset exposure while building their sustainable blockchain business at the Ripple Swell Conference in Miami. They also touched on the future of tokenization and stablecoins.
Ripple’s Stablecoin Ambitions
This news follows Ripple’s recent announcement that it will launch a U.S. dollar-backed stablecoin, RLUSD, aiming to compete in the $172 billion stablecoin market currently dominated by Tether’s USDT.
In an October 17 X post, Ripple CEO Brad Garlinghouse said RLUSD has been in development for a year and predicted it will become “the gold standard for enterprise-grade stablecoins—built on trust, liquidity, and compliance.”
Kicking off Ripple Swell with a bang!
RLUSD has been nearly a year in the making, and with our trusted exchange partners, market makers, and advisory board, RLUSD is set to become the gold standard for enterprise-grade stablecoins—built on trust, liquidity, and compliance. https://t.co/fLPglsjkfI
— Brad Garlinghouse (@bgarlinghouse) October 16, 2024
RLUSD’s development is being overseen by Ripple’s exchange partners, market makers, and an advisory board. Exchange partners include BitStamp, Uphold, Bullish, Bitso, Moonpay, CoinMENA, and Independent Reserve.
XRP on a Bullish Path?
Ripple is clearly pursuing several projects that could benefit XRP, the seventh-largest cryptocurrency by market capitalization. XRP is currently trading at $0.5605, up 3.58% in the past 24 hours. The altcoin has a market cap of $31.75 billion, according to CoinMarketCap data.
The Relative Strength Index (RSI) reads a value of 52.27 which means that the bulls are overall in charge of the digital asset’s price action and the gradient of the line suggests that higher prices are possible in the near future.
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