With the BRICS economic alliance set to implement a digital asset of its own, could Ripple (XRP) be set to benefit from its impending stablecoin launch? Russia’s Deputy Foreign Minister Sergei Ryabkov has recently discussed a native stablecoin for the alliance in order to continue combating the US dollar.
Moreover, Ripple could be set to benefit from the impending arrival. The company has long been one of the most important cross-border payment providers. Subsequently, the economic collective could rely on Ripple’s settlement platform for its ongoing foray into digital assets.
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Ripple Platform Could Be Vital for BRICS Stablecoin Launch
Over the last year, the BRICS economic alliance has not been shy about its quest for global multipolarity. That goal has often leaned on the collective’s de-dollarization efforts. Specifically, it attempts to lessen international reliance on the Western currency.
With the West enacting sanctions on Russia in 2022, the currency’s weaponization required action from the alliance. Therefore, the bloc had sought to increase local currency promotion while abandoning US dollar usage in unilateral trade.
Those actions have not combined with a digital currency push from the alliance. Moreover, BRICS may be set to benefit Ripple (XRP) greatly with the launch of its very own stablecoin. Specifically, the cross-border settlement giant could be a critical part of the asset’s impending launch.
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The BRICS alliance has recently discussed the work of creating its very own stablecoin. Moreover, they have noted the desire to create a BRICS bridge into order to connect participating nations’ currencies for ease in digitized transactions utilizing the asset.
This led many digital asset industry participants to theorize about Ripple’s potential participation. The company has been thriving in the cross-border payment space. It would benefit the XRP Ledger, but also provide an easy entry point for the bloc.
Those rumblings are just theories at this point, as the BRICS stablecoin has not yet been introduced. However, it could provide a clear benefit for the digital asset transition that the alliance may embrace in the coming year.
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