Stablecoins Could Be Implemented onto XRP Ledger in the Future

• Blockchain financial service network based in San Francisco, RippleNet is one of the most used crypto services in the world. 
• With its convenient and reliable wallet, XRP is growing at an alarming rate. 
• Even so, it seems to be expanding its ledger...

The blockchain financial network based in San Francisco, RippleNet is one of the most used crypto services in the world. With its convenient and reliable wallet, it is growing at an alarming rate. Even so, it seems to be expanding its ledger...

When was created in 2012, RippleNet has been developed on a massive scale. The system’s users have had the ability to perform transactions on the decentralised ledger. It won’t be long until they’re able to make the most of this feature on the network which would see them mint asset-backed tokens such as stablecoins on the XRP ledger.

In a release by the San Francisco firm in February, David Schwartz, the chief technology officer at the company said that he was working on adding new features to the crypto ledger. He said, “Proof-of-Work is kind of a technological dead-end.”

One of the main features that the company could potentially be showing off would allow third-party cryptocurrencies on the XRP system. Details have yet been announced by the firm however, the CTO mentioned that it could be used to bring in fixed value tokens such stablecoins into the ledger. 

He further went on to add:

“One of the features that I think is very exciting is a feature that would allow people to launch — well, stablecoins are the obvious use case, but it’s not just stablecoins — it’s essentially assets pegged to some external value.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!