The number of stablecoin projects being launched on top of the XRP Ledger has been steadily growing over the last few months, with development teams across the globe improving the $XRP network over time.

A pseudonymous cryptocurrency influencer has recently pointed out that there are at least six stablecoins now launched on top of the XRP Ledger, including stablecoins pegged to the value of the U.S. dollar, the Euro, and the Australian dollar.

Among the stablecoins being supported on the XRP Ledger is Stably USD (USDS), a stablecoin issued by the Seattle-based Web3 payments provider Stably. The cryptocurrency is backed by fiat currency “held in bank deposits for the benefit of USDS holders.”

STASIS, a leader in euro-backed stablecoins, has notably also launched its EURS stablecoin on the XRP Ledger, offering $XRP users access to a stablecoin tied to the value of the Euro. Moreover, South Africa-based fintech firm Xagu has launched its stablecoin $XUS on the XRP Ledger, offering investors another USD-backed stablecoin.

Recently an archipelago of islands in Oceania, Palau, partnered with Ripple to launch its own stablecoin on top of the XRP Ledger, with the partnership between both initially focusing on developing cross-border payments strategies and a USD-backed digital currency.

Moreover, leading fintech firm Novatti has also issued an Australian dollar-backed stablecoin on the XRP Ledger, $AUDC. Finally, there’s AUREI, a “zero-barcon stablecoin that will be backed by FLR and XRP.”

As CryptoGlobe reported, Ripple has recently announced that it has formed a strategic partnership with Paris-headquartered payment provider Lemonway, which will use Ripple’s XRP-powered solution On-Demand Liquidity (ODL) to “enhance its treasury payments processes.”

A popular cryptocurrency analyst has predicted that the price of $XRP could soon explode upwards, at a time in which both Ripple and the U.S. Securities and Exchange Commission (SEC) are looking for a ruling in their long-running legal battle through a so-called summary judgment.

Image Credit

Featured Image via Unsplash