Ripple Chief Legal Officer Stuart Alderoty makes a bold claim about Ripple’s prominence in the crypto industry.
In a Tuesday discussion at the Financial Markets Quality (FMQ) Conference, Alderoty revealed that Ripple is working on all fronts to be the one-stop shop for cryptocurrency innovation globally.
The CLO believes that the US would appreciate Ripple’s progress over the course of its existence, stating that the cross-border payment giant would become the most trusted source for enterprise support when cryptocurrencies see a clearer regulatory environment.
Ripple Buiding on Three Pillars
Alderoty stated that Ripple has advanced its stead as a leading crypto industrial player by maximizing its presence on three major fronts. He said that aside from cross-border payment, Ripple’s core product, it has diversified into asset custody and stablecoin issuance.
In January, Ripple’s CTO, David Schwartz, revealed that the payment giant is entering the $10 trillion crypto custody market by acquiring Metaco. The fintech giant also forged a partnership with British bank HSBC.
Since then, Ripple has furthered its relevance in the sector, with South Korean-based AI firm Futureverse choosing the fintech firm as its asset custody provider.
Furthermore, Ripple’s stablecoin, RLUSD, is set to launch over the next few weeks. Schwartz has tipped the stablecoin to provide transactional options for its institutional clients while fostering the adoption of the XRP Ledger and its native token, XRP.
Ripple is also advancing its presence in the real-world asset (RWA) tokenization sector with a strategic partnership with UK-based Archax. The partnership will see the British bank tokenize millions of RWAs on the XRPL.
With all these growing innovations, Alderoty believes that Ripple has positioned itself as the go-to firm for US institutions looking to adopt cryptocurrency. Hence, regulatory clarity is the only obstruction to Ripple’s dominance in the country.
Crypto is Here to Stay: Alderoty
Alderoty added that cryptocurrencies are not a “flash in the pan” but an innovation that has come to stay. He noted that the US Securities and Exchange Commission’s clampdown on the crypto industry would not stunt its growth.
The Ripple CLO stated that he has seen a significant improvement in the Democratic and Republican presidential nominees’ disposition toward cryptocurrencies. Alderoty revealed that Ripple has been in talks with both parties and is optimistic that the US will see a clearly regulated crypto industry regardless of who wins the election.
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