Ripple’s CTO, David Schwartz, has once again caused a stir within the XRP community with a cryptic tweet. This time, he shared a photo of a logo with the word “Sunscream” on it, sparking speculation and discussion among XRP enthusiasts. While some focused on the tweet itself, others couldn’t help but ask about the XRP price and Ripple’s plans for a stablecoin. Schwartz is known for his cryptic posts, as they generate a lot of engagement on the X platform.
Recently, Ripple made headlines by revealing its intention to launch a stablecoin backed by the U.S. dollar. The company plans to fully back the asset with not only USD deposits but also other cash equivalents, subject to auditing on a monthly basis. With the stablecoin market projected to reach over $2.8 trillion within four years, Ripple aims to meet the growing demand by leveraging its expertise in developing financial solutions for global institutions. The stablecoin will run on XRP Ledger and Ethereum initially, with potential expansion to other blockchains and decentralized finance applications in the future.
Some industry insiders, such as Gabor Gurbacs of VanEck and Tether, believe that Tether’s USDT stablecoin reigns supreme in the market. While Gurbacs embraces competition, he notes that USDT has the right principles, strong liquidity, and a team capable of supporting real-world use cases. Nonetheless, the news of Ripple’s stablecoin announcement prompted Gurbacs to voice his opinion.