Stablecoin presence key to blockchain legitimacy, says ZachXBT

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Crypto information expert and Paradigm advisor ZachXBT said the circulation of stablecoins from large issuers specified arsenic Circle, Tether and Paxos should beryllium a cardinal metric successful assessing the legitimacy of blockchain networks.

His comments followed US President Donald Trump’s announcement connected March 2 that definite integer assets would beryllium included successful the country’s strategic crypto reserves. Trump identified Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA) arsenic the assets to beryllium included successful the reserves.

On March 3, ZachXBT argued that the beingness of stablecoins issued by Circle, Tether and Paxos is simply a beardown indicator of a blockchain’s legitimacy. He noted that neither Cardano nor the XRP Ledger presently hosts a proviso of large stablecoins.

He said that if the large stablecoin issuers saw “value to capture” connected the blockchains, they would person integrated their stablecoins into the networks.

Chris Larsen-linked addresses clasp implicit $7 cardinal successful XRP

In his authoritative Telegram group, ZachXBT besides pointed retired that dormant wallet addresses linked to Ripple co-founder Chris Larsen inactive clasp 2.7 cardinal XRP. With XRP trading astatine $2.64, these holdings are valued astatine astir $7.12 billion.

He said the addresses transferred astir $109 cardinal successful XRP to exchanges successful January, implying that the wallets could perchance proceed selling disconnected the immense stash implicit time.

However, helium highlighted that respective addresses person been dormant for six to 7 years, starring to speculation that Larsen whitethorn person mislaid entree to the funds oregon transferred them successful 2013.

On Jan. 31, 2024, ZachXBT reported that Larsen was hacked for 213 cardinal XRP worthy astir $112.5 cardinal astatine the time.

Cointelegraph reached retired to Ripple and the Cardano Foundation for comments but had not heard backmost by the clip of writing.

Stablecoins successful the XRPL and Cardano networks

While large stablecoin issuers whitethorn not beryllium connected the XRPL oregon the Cardano blockchain, some networks person stablecoins wrong their ecosystems.

On Dec. 17, 2024, Ripple’s RLUSD stablecoin started trading connected speech platforms Uphold, MoonPay, Archax and CoinMENA aft the New York Department of Financial Services approved the stablecoin’s launch connected Dec. 10. On Jan. 7, Ripple president Monica Long said that Ripple’s RLUSD would soon beryllium listed connected large exchanges.

Meanwhile, Cardano besides has its stablecoins. In 2022, Cardano launched Djed (DJED), an overcollateralized stablecoin backed by ADA and uses Shen (SHEN) arsenic its reserve coin. According to CoinGecko, the token has a marketplace capitalization of $4 million.

In 2024, Cardano integrated the fiat-backed stablecoin USDM. On March 18, the USDM motorboat was met with optimism from members of the Cardano assemblage and seen arsenic a “major milestone” for the network.