Cardano co-founder Charles Hoskinson revealed ongoing discussions with Ripple executives about integrating XRP into Cardano’s Midnight sidechain.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Despite the delay in the launch of Ripple‘s RLUSD stablecoin, it continues to garner the attention of crypto industry veterans. Cardano co-founder Charles Hoskinson stated that he is all ready to bring the RLUSD stablecoin into his ecosystem.
Hoskinson’s comments came during his recent interview ADA-focused YouTube channel Big Pey. He also said that he had productive conversations with Ripple executives Brad Garlinghouse and David Schwartz during their recent meeting.
He said that both the parties have left behind the past hostilities and are looking forward to future collaborations. Charles Hoskinson also stated that the two sides are exploring potential collaboration opportunities between the Cardano and XRP ecosystems for driving innovation and adoption.
The focus of this collaboration is on Cardano’s Midnight and Marlowe. For understanding, Midnight is a privacy-oriented sidechain on Cardano, while Marlowe provides a set of open-source tools designed for creating smart contracts on the Cardano network.
Hoskinson hinted at the possibility of integrating XRP into the Midnight ecosystem, potentially expanding its utility. If realized, XRP XRP $3.17 24h volatility: 0.3% Market cap: $183.31 B Vol. 24h: $21.04 B could become the third token on Cardano’s Midnight sidechain. Currently, Midnight operates on a dual-token model featuring its native tokens, NIGHT and DUST.
Market analysts have already been explaining why Ripple RLUSD stablecoin is very important to drive XRP prices higher. Not only that, it’s likely to boost the overall XRP ecosystem.
Despite the expected launch last week, Ripple faced a delay in getting its RLUSD stablecoin to the market aid the pending approval from the New York Department of Financial Services (NYDFS). Investors still continue to remain hopeful about the launch by the year-end.
Speculation about RLUSD has sparked conversations regarding its potential impact on XRP. Market analyst Lakeita Powell recently outlined theories about its influence on XRP’s price movement.
Powell highlighted that RLUSD offers a critical advantage by reducing volatility in XRP transactions. Traditionally, institutions and banks rely on fiat currencies, such as the US Dollar, to purchase XRP, exposing these transactions to currency fluctuations and added risks.
By utilizing RLUSD as a stable intermediary, institutions could execute large-scale XRP transactions with greater efficiency, minimizing concerns over sudden value shifts.
On the other hand, Ripple RLUSD will also bring formidable competition in the rapidly expanding stablecoin market which is likely to grow multi-trillion dollar in size by 2030. This would reduce the concentration risks in the market largely dominated by Tether’s USDT at present.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
