XRP Rocket Flight In View As Circle’s USDC Stablecoin Goes Live On XRPL

Stablecoin issuer Circle is strengthening ties with Ripple by launching its U.S. dollar-pegged USDC stablecoin on the XRP Ledger (XRPL).

Following the launch of USDC on the XRPL, market participants’ anticipation of a strong XRP price rally is heightened. 

USDC Expands To Ripple’s XRPL

According to the June 12 announcement, developers and institutions will now be able to easily mint and redeem USDC tokens on the XRP Ledger following the unexpected integration. The integration makes it easy to access USDC liquidity and benefit from the XRPL’s fast and secure network.

USDC is currently the industry’s second-largest stablecoin with a market cap of $61 billion, trailing only Tether’s USDT. This latest development marks another milestone in USDC’s expansion across multiple blockchains, bringing its coverage to 22  chains, including Solana, Ethereum, and recently, Sam Altman’s World Chain.

Notably, Ripple also joined the stablecoin gold rush, with the rollout of its own highly regulated RLUSD stablecoin last December. The token, which rivals USDC and USDT, currently has a paltry market cap of $412 million.

Circle’s Blockbuster IPO

USDC issuer Circle made its trading debut on the New York Stock Exchange last week, but nothing could have braced Wall Street for the company’s dynamite initial public offering (IPO).

The IPO, which raised $1.1 billion for the firm and early shareholders, surpassed the initial performance of major publicly traded tech companies such as Meta, Robinhood, and Airbnb upon their respective listings.

Crypto commentators pointed to the market’s fundamental belief that the GENIUS Act — the landmark U.S. stablecoin legislation — will pass as a key driver for the success of Circle’s IPO.

Before the IPO, it was rumored that Ripple had attempted to acquire Circle for at least $5 billion, but the bid was rejected as too low. However, as ZyCrypto covered recently, Ripple CEO Brad Garlinghouse disregarded claims that it planned to acquire Circle.