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XRP Ledger Ready to Adopt Tokenized Gold and Silver in Q3 2024
Vladislav Sopov
Meld Gold will bring gold and silver-backed assets to XRPL in the coming months
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GOLD and SILVER assets will represent 1 gram each of the precious metals and will be fully redeemable into Gold bars and Silver bars respectively. The community expects more gold-backed stablecoins to be released on the XRP Ledger rails.
Meld Gold partners with Ripple and launches Gold and Silver tokens on XRPL in the third quarter
Tokenization innovators Meld Gold have partnered with Ripple, a US fintech decacorn. As a result of the partnership, Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold and Silver respectively. Each token will represent 1g of the precious metal held by leading custodian providers MKS Pamp and Imperial Vaults, an official supplier declaration He says.
The initial integration of Meld Gold will provide fungible gold and silver assets on XRPL in the third quarter of 2024. As of now, the company maintains similar digital assets on Algorand (ALGO), another programmable L1.
Additionally, Meld Gold envisions its own pioneering solution at the intersection of alternative physical assets and blockchain technology spheres in 2025.
Michael Cotton, CEO of Meld Gold, highlighted the importance of this release for the entire ecosystem of tokenization protocols on XRPL and for the Web3 space as a whole:
Our team of industry experts has deep expertise in every component of the supply chain, from sourcing, certification and logistics, to warehousing and insurance. Our passion for revolutionizing and advancing digital ownership is ideal for the next RWA revolution. This is the industry, providing the systems that only they could design, to bring the physical world on chain
As announced by Ripple President Monica Long, the company is seeing growing demand for RWA solutions from its B2B customers.
Long added that Ripple is exploring various tokenization opportunities on XRPL, as previously explained by U.Today.
More RWA opportunities for XRPL’s DeFi ecosystem
Meld Gold representatives emphasized that the integration with XRPL was focused on helping grow XRPL’s DeFi ecosystem by offering the most accepted and highest capitalized on-chain assets in the world.
By increasing essential liquidity, new and existing users can take advantage of XRPL’s native capabilities, including DEX, AMM, payment systems, and the upcoming EVM and money market side.
As previously reported by U.Today, Ripple CTO David Schwartz has pointed to the tokenized commodity sphere as a powerful catalyst for the adoption of RWAs on XRP Ledger and its dApp ecosystem.
About the author
Vladislav Sopov
Blockchain analyst and writer with scientific background. 6+ years in IT analytics, 3+ years in blockchain.
He has worked in independent analyzes and start-ups (Swap.online, Monoreto, Attic Lab etc.)