On June 12, the leading stablecoin firm, Circle, announced the arrival of USDC stablecoin on the XRP Ledger. The development comes amid the Senate’s approval to advance the GENIUS Act.
This integration will allow businesses, developers, and users to send and receive USDC directly on the XRPL without the need for third-party bridges.
USDC is a stablecoin fully backed by cash reserves. Users will now be available natively on XRPL’s fast and low-cost blockchain.
USDC Strives to Enhance Cross-Border Remittance
With the latest development, companies can now move money globally in seconds instead of days, reducing reliance on traditional banking systems. This will enhance cross-border payments.
Furthermore, developers will be able to build decentralized finance (DeFi) applications, such as lending platforms and exchanges, using USDC’s stable value.
Individuals and businesses can convert cash to USDC through Circle Mint or supported wallets, which makes digital dollar transactions smoother.
The XRP Ledger is known for its speed and low transaction fees. Since 2012, the ledger has processed over 3.3 billion transactions. By adding the second biggest stablecoin, it will improve its role in global finance, particularly for remittances and business payments.
Stablecoins now represent around 7.89% of the total cryptocurrency market. The collective market capitalization of stablecoin currently stands at $250 billion.
Tether (USDT) leads with $155.19 billion, followed by USD Coin, $61.5 billion, according to CoinMarketCap Data. Beyond its dominance in market cap, Tether has also been investing in projects like Elemental Altus Gold Holdings, further strengthening its ecosystem.These dollar-pegged tokens dominate crypto trading volumes, which facilitates nearly 75% of all transactions on centralized exchanges.
Regulated stablecoins like USDC and PayPal’s PYUSD have also grabbed many headlines, gaining traction among institutions. In the last few months, the emerging markets have gradually adopted stablecoins for remittances and inflation hedging.
USDC stablecoin is going live on the XRPL Ledger when the U.S. Congress makes progress on the GENIUS Act. This bipartisan bill is expected to bring clear federal guidelines for dollar-pegged digital assets while supporting innovation.
The timing is very crucial as stablecoins process 75% of crypto trades, and Visa/Mastercard are adopting them for payments.
Also Read: Stablecoin Market Hits Record $228B as US Senate Advances GENIUS Act
