Circle has bolstered its partnership with Ripple by launching its USD-pegged stablecoin, USDC, on the XRP Ledger (XRPL). This move has fueled anticipation for a potential XRP price surge. 💰🚀 📈
The integration empowers developers and institutions to easily mint and redeem USDC tokens on the XRPL, providing quick access to liquidity and the platform’s fast and secure network.
USDC is currently the industry’s second-largest stablecoin with a market cap of $61 billion. Its launch on the XRPL marks another significant milestone for its expansion across multiple blockchains, bringing its total coverage to 22 chains, including Solana, Ethereum, and recently, World Chain.
Ripple’s own foray into the stablecoin space with its RLUSD token last December remains less prominent, holding a market cap of $412 million. 💰
Circle’s groundbreaking IPO last week further emphasizes the company’s success, surpassing major tech IPOs like Meta, Robinhood, and Airbnb.
The strong performance is attributed to market optimism surrounding the GENIUS Act, which seeks to regulate stablecoins in the U.S. 🏛️,
and has fueled speculation about a potential acquisition by Ripple, though CEO Brad Garlinghouse denied such intentions.