In a recent social media post, the Ripple behemoth proposed which five key steps need to be taken to ensure that stablecoins are adopted by market players en masse.
In January this year, the stablecoin market surpassed the $210 billion mark, and it does not seem like this high speed is likely to slow down any time soon.
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Stablecoin market keeps growing
Ripple has underscored that one of the most popular ingredients of stablecoins is that they combine the reliability of fiat currencies with the high efficiency level of decentralized finance. What stablecoins are efficiently doing is that they handle the increasing market demands set forth by globalization and emerging markets – particularly, filling the need for real-time cross-border payments and remittances.
Stablecoins are on the rise with over $220B in value circulating. 🌏
What’s needed to unlock mass adoption? https://t.co/Sh6GXTSaOK
1️⃣ Global regulatory alignment
2️⃣ Reliable reserves & risk controls
3️⃣ Compliance-driven approach
4️⃣ Enterprise-grade custody
5️⃣ Seamless customer…
However, Ripple believes that to unlock the full potential of stablecoins and allow the world to use them, much more than tech advancement is required. In particular, a robust regulatory framework must also be in place.
Ripple also mentioned its recent major partnership with StraitsX and the Global Finance & Technology Network (GFTN). They have revealed the results of their recent roundtable discussion about the future of stablecoins, especially those backed by fiat, and how to unlock their potential best. The discussion took place in early November in Singapore during the 2024 Singapore Fintech Festival. However, the key five steps remain highly relevant now.
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Five key steps to mass adoption of stablecoins
The first step is to ensure a global regulatory framework that considers local nuances in various countries. Local financial environments regulate the issuance and usage of stablecoins.
To start issuing stablecoins, there is a major need for regulatory frameworks to begin providing consistency in local jurisdictions, Ripple says.
The second key step is that stablecoin-issuing companies must start giving the highest priority to demonstrating operational transparency and reliability. In order to avoid de-pegging of stablecoins, issuers are recommended to diversify their relationships with banks and payment rails.
The third important step is for stablecoin issuers to begin building a culture focused on compliance, which includes proactive collaboration with such organizations as FATF, as well as self-regulation.
The final two steps include implementing secure custody practices for enterprises and improving the user experience to boost institutional adoption.
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