In the upcoming third quarter of 2024, the XRP Ledger (XRPL) ecosystem is set to make a significant advancement in asset tokenization by introducing new stablecoins backed by gold and silver. This groundbreaking development is made possible through a partnership between Meld Gold and Ripple, a major player in the fintech industry. These stablecoins will be directly supported by 1 gram of the respective precious metals and can be exchanged for physical gold and silver bars.
The cryptocurrency community is eagerly anticipating the launch of these stablecoins, as it marks the expansion of stablecoins backed by tangible assets. This innovative initiative will make gold and silver available in a tokenized and tradable form on XRPL for the first time, creating new opportunities for engaging with these valuable resources.
Meld Gold, a leader in innovative tokenization solutions, already manages similar digital assets on the Algorand blockchain. In addition to this latest venture, the company has plans to introduce a cutting-edge solution in 2025 that explores the connection between physical assets and blockchain technology.
CEO of Meld Gold, Michael Cotton, emphasized the significance of this venture, stating, “Our team of industry experts brings extensive experience in all aspects of the supply chain, from origination and certification to logistics, warehousing, and insurance. Our commitment to revolutionizing digital ownership aligns perfectly with the upcoming RWA revolution. We are at the forefront of this industry, developing systems that bring the physical world into the digital realm.”
At the time of writing, the price of XRP was quoted at US$0.4971, reflecting a 1% increase in the past 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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