XRP News Today: Circle Launches USDC on XRP Ledger Boosting Stablecoin Utility

Circle has officially launched USDC on the XRP Ledger (XRPL), a significant move that expands the stablecoin’s reach to one of the longest-running Layer-1 blockchains. This development allows developers, institutions, and users to access USDC on the XRPL mainnet without the need for bridges or third-party wrappers, enhancing the stablecoin’s utility across the ecosystem.

The XRP Ledger has been steadily growing its capabilities, attracting a community of developers and institutions focused on building real-world financial applications. The stablecoin market is currently a focal point in the crypto world, and Circle’s recent move further solidifies XRP’s presence in this sector.

In early 2024, Panos Mekras, a prominent figure in the XRP community, shared a response from Circle indicating that the company had no immediate plans to launch USDC on the XRP Ledger. However, Circle was exploring ways to expand the stablecoin’s reach. Mekras and other community members advocated for Ripple to facilitate this launch, and this development shows that Ripple has responded to its community’s calls.

USDC, the second-largest and largest regulated stablecoin in the crypto market, is now supported on XRPL via Circle Mint and Circle APIs. This integration provides streamlined access to USDC liquidity, leveraging XRPL’s high-speed, low-cost, and secure transaction environment. The XRPL, which has been operational since 2012, has processed over 3.3 billion transactions to date. Its focus on efficient value exchange has attracted projects in various sectors, including remittances and real-world asset tokenization. With native USDC support, developers can now build and deploy new use cases across payments, DeFi, and financial infrastructure directly on XRPL.

Ripple recently attempted to acquire Circle for $5 billion, but the offer was declined. The company has since increased its offer to the $9 to $11 billion range, outbidding Coinbase. This significant launch suggests that positive developments might emerge from Ripple’s acquisition attempts. Ripple is already making strides in the stablecoin space with RLUSD, and this move represents a meaningful expansion of the ledger’s capabilities, positioning it as a more competitive platform for financial and enterprise-grade applications.