XRP news today: Ripple President Monica Long Highlights XRP's Role in Blockchain Evolution

Ripple President Monica Long recently made significant updates about XRP during an interview on CNBC, sparking considerable interest in the cryptocurrency community. The interview, highlighted by crypto commentator All Things XRP, provided insights into XRP's role within the XRP Ledger, Ripple's stablecoin plans, and the increasing engagement of traditional financial institutions with blockchain technology.

Long emphasized the critical role of XRP within the XRP Ledger, explaining that it is essential for transaction fees and account reserves. She stated that XRP is the native asset required for gas fees and reserve account minimums, making it indispensable as more users and use cases are built on the XRP Ledger. Additionally, Long discussed XRP's function in liquidity provisioning on XRPL, noting that it auto-bridges between trading pairs for efficiency, speed, and cost, which will become increasingly important as more activity comes to the blockchain. Ripple continues to use XRP as part of its payments offering, depending on customer needs.

The XRP Ledger was described as an early attempt to improve upon Bitcoin's limitations. Long explained that the original XRP Ledger was launched as "Bitcoin 2.0," aiming to enhance scalability and tinker with the consensus model to enable features like an exchange within the blockchain itself. Ripple remains committed to the long-term development of XRPL, continuously enhancing the ledger with features such as lending protocols and a multi-purpose token amendment.

Regarding stablecoins, Long explained the rationale behind Ripple's decision to launch RLUSD, highlighting its relevance to Ripple's cross-border payments business. She noted that RLUSD offers quick availability and 24/7 accessibility, making it a practical alternative to traditional stablecoin rails. Long also mentioned that the stablecoin market is projected to exceed $3 trillion, with Ripple focusing on institutional usage. One area gaining momentum is the use of stablecoins as collateral for trading in the traditional institutional world, which is spiking in interest for Ripple.

Long addressed Ripple's relationship with the banking sector, recalling that in the early years, banks were skeptical about blockchain technology for cross-border payments. However, she noted that banks have become far more receptive to blockchain services, embracing them more readily. Ripple serves as an intermediary, and regulatory shifts have made banks more willing to engage with blockchain services. Long concluded with a critique of legacy financial systems, highlighting the inefficiencies and manual processes that could be automated and made more efficient with technology.

Under Long's leadership, Ripple is positioning itself to help build the infrastructure underpinning the next phase of institutional finance. The company is no longer operating in a limited capacity and is actively working to integrate blockchain technology into traditional financial systems, making them more efficient and accessible.