In the third quarter of 2024, the XRP Ledger (XRPL) ecosystem is set to revolutionize asset tokenization with the introduction of new stablecoins backed by gold and silver. This groundbreaking initiative is made possible through a partnership between Meld Gold and Ripple, a prominent player in the fintech industry. These stablecoins will be directly backed by 1 gram of the respective precious metals, allowing users to redeem them for physical gold and silver bars.
The cryptocurrency community is eagerly awaiting the launch of these stablecoins, which will expand the range of stablecoins backed by physical assets. This move marks a significant milestone as it will be the first time that assets like gold and silver will be available in a tokenized and tradable form on XRPL, providing a novel way to engage with these valuable resources.
Meld Gold, renowned for its innovative tokenization solutions, already manages similar digital assets on the Algorand blockchain. In addition to this venture, the company has plans to unveil a cutting-edge solution in 2025 that explores the fusion of physical assets with blockchain technology.
CEO of Meld Gold, Michael Cotton, emphasized the significance of this initiative, stating, “Our team of industry experts possesses extensive experience in all aspects of the supply chain, from origination and certification to logistics, warehousing, and insurance. Our dedication to revolutionizing digital ownership aligns perfectly with the impending RWA revolution. We are at the forefront of the industry, developing systems that bridge the physical world with the digital grid.”
At the time of writing, the price of XRP stood at US$0.4971, marking a 1% increase in the last 24 hours.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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