McBride expressed his support for this idea while engaging with a prominent XRP advocate on the X social network known as WrathofKahneman. WrathofKahneman argued that turning XRP into a stablecoin would greatly benefit the public and enhance liquidity within the Ripple ecosystem. In response, McBride tweeted that many players in the crypto industry, including the World Bank, already classify XRP as comparable to stablecoins due to the potential benefits that can arise from its adoption.
McBride also highlighted that the World Bank’s early indications of considering XRP as a stablecoin for cross-border payments validate Ripple’s strategic approach to addressing the volatility issues associated with digital currencies. Ripple’s assets are renowned for their stability, making them suitable for conducting cross-border transactions without concerns about significant value fluctuations. Additionally, Ripple’s solutions aim to offer affordable cross-border financial payment services to individuals and communities without access to traditional banking services.
Prior to McBride’s comments, Australian lawyer Bill Morgan, who represents XRP owners, asserted that transactions involving XRP do not violate securities laws and are unrelated to investment contracts, based on their inherent nature and content.
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