John Deaton responds to major XRPL developments

John Deaton, a well-known Ripple advocate and founder of Cryptolaw, showed X (formerly Twitter) about the launch of Stablecoin, the world’s second largest by USDC, at XRP Ledger (XRPL).

Circle vs. Ripple: Stubcoin Battle in Play

The move has caused a stir in a wide range of crypto spaces, but it provides businesses and developers with the opportunity to seamlessly create and redeem USDC tokens in their XRP ledgers.

USDC’s debut at XRPL, which sparked excitement across the XRP ecosystem, was praised as John Deaton confirms the positive implications that development has for XRPL and the wider XRP ecosystem.

John Deaton made these statements in response to an analysis by X users who view it as a challenge from the circle to compete head-on with Ripple for stable dominance in the XRPL.

This challenge appears to test the efficiency and infrastructure of each company, but there are also positive aspects to it, as it drives XRPL for further adoption, thereby driving the growth of the broader XRP ecosystem.

Meanwhile, there is speculation that Circle has leveraged Ripple’s groundbreaking foothold in its global payment infrastructure and leveraged the increased institutional use of XRPL. There is arguing that the launch is an attempt by circles to remain relevant to high-performance blockchains and place them for further growth.

Following previous reports, the fight between Ripple and Circle appears to have come for a long time, as it was rumored that Ripple was trying to buy a Circle for $5 billion. This was no longer the case. This is because the offer was ultimately reported to have been rejected by the USDC issuer because it was too low.

Nevertheless, X users further highlighted that USDC’s debut in XRPL will result in more network obstacles, and pointed out that the total value of assets locked in XRPL (TVL) can be significantly improved. Typically, positive movements in the TVL of a network often place native tokens for future price increases.

With this development, XRPL has become a major competitor to the Stablecoin Ecosystem, comparable to USDT issuer Tether.