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What is ‘BASE’? Here is What We Know So Far About the L2 Project Being Built by Coinbase
February 24, 2023
February 26, 2023
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This week, the publicly-traded cryptocurrency exchange Coinbase unveiled its own Ethereum layer-2 network called Base and advised the crypto community to stay tuned for the upcoming mainnet launch.

The Base chain will be home to Coinbase’s on-chain products as well as an open ecosystem for millions of new decentralized apps (dApps), said the leading cryptocurrency exchange.

“Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make on-chain the next online and onboard 1B+ users into the crypto economy,” Coinbase said on Twitter.

Coinbase Senior Director of Engineering Jesse Pollak shared that while the platform was only announced on Thursday, a testnet for Base has actually been live since the start of the month.

“Our goal is to launch mainnet in the next few months,” he said. “This is a bet that we can help enable the next million dapps, which are going to bring in the next billion users. We think that will happen on a five- to 10-year horizon, and this is our contribution to making that happen sooner rather than later.”

The goal of Base is to bring about phase 4 of Coinbase’s ‘secret master plan,’ which is to create an open financial system and onboard the next wave of users to the crypto economy. With this move, Coinbase has become the first publicly traded company to launch an Ethereum Layer 2.

Layer 2 networks help make transactions faster and cheaper than the underlying blockchain, such as Ethereum, by processing batches of transactions on a separate chain and then sending receipts back to the mainnet.

Entering a Crowded Sector

Coinbase’s Base is just one of many Ethereum Layer 2s; others in the space include Polygon, Arbitrum, Optimism, Loopring, and Starknet, to name a few.

According to L2Beat, there is currently more than $6 billion worth of ETH on these layer 2s, which is a 17% growth from a month ago. This website tracks 26 different Ethereum scaling networks and notes that Arbitrum One accounts for the majority (53%) of the L2 market share, while Optimism has captured 31% of this segment.

However, unlike these L2s, Base will not be launching a network token, which is used on other networks to pay gas fees and incentivize development.

According to Coinbase, “tokens are not the only way to drive activity,” instead, it believes “building great products is a great way of driving activity by making things actually useful.”

Coinbase Announcement

It’s interesting to note that both Arbitrum and Optimism launched their networks without tokens initially. However, Optimism has since airdropped its governance token to early adopters of its network. This was done in order to distribute governance power to the community and fund development proposals through its DAO. There have been rumors that Arbitrum has been planning something similar for a long time, but no token has yet been released.

However, Base’s entry into the market may not be as competitive for Optimism. According to Coinbase’s announcement, Base will be “a rollup agnostic superchain powered by Optimism.”

The base will also return a portion of its transaction fee revenue to the Optimism Collective. “This move furthers the Collective’s vision for a sustainable future where Impact = Profit,” tweeted Optimism on Thursday.

Following the Coinbase announcement, Optimism’s native token, OP, recorded a jump in price. The $668 million market cap coin is up 11% in the past 24 hours and nearly 240% YTD, as per CoinGecko. Launched in May 2022, just earlier this month, OP hit an ATH of $3.19.

Earlier this month, Optimism revealed its plans to upgrade its network next month, which is a “step towards a multi-chain future.” Dubbed “Bedrock,” the upgrade aims to lower fees, increase transfer speed, and enhance compatibility with the Ethereum Virtual Machine (EVM).

To address the issues of speed and cost associated with layer-1 blockchains, Optimism uses “rollups,” which involve processing transactions on a separate chain and then settling them on the mainnet in batches.

Decentralized Over Time

The Base chain is launched with dozens of partners who have committed to building in and supporting the ecosystem. Some of these include Ethereum block explorer Etherscan, oracle network Chainlink, DeFi protocol Aave, Animoca Bands, and SushiSwap.

Coinbase said it intends for Base governance to be fully decentralized, but it won’t be that way initially. Instead, it would happen rather progressively in the years ahead.

“Coinbase is going to gradually transition into a role where we’re a contributor to Base, we provide services and products that are built on top of Base, and we are not the decision maker for everything in the Base network — that’s being done through more decentralized governance,” Pollak said.

And to best achieve its goals, Coinbase has decided to join Optimism as a core developer on the open-source OP Stack. They have also decided to keep the core team really lean so that “we can have an outsized impact if we’re building on-chain,” said Pollak.

The exchange explained in the official blog post that by leveraging Optimism’s OP Stack and collaborating with Optimism, Base will act as “an open platform that anyone can contribute to, fork, and extend to help the crypto economy scale.”

Optimism Tweet

So, Coinbase will have more control over Base at first with the vision to make Base fully permissionless eventually. And according to the announcement, Base will progress from its current Stage 0 to the next stage rollup this year alone, with the Stage 2 rollup to be achieved in 2024.

While Base will be a separate network, it will still be powered by the underlying blockchain, that is, Ethereum. It will use Ethereum’s security infrastructure, but it won’t be limited to Ethereum; rather will also provide easy and secure access to other layer 2 networks, such as Optimism, as well as other blockchains ecosystems, such as Solana, Avalanche, and Polygon.

“Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform,” explains Coinbase’s blog post on the L2 Base.

Coinbase further plans to integrate the Base chain across its exchange, wallet, NFT marketplace, and developer products.

Along with the new chain, Coinbase also announced the launch of a Base Ecosystem Fund to support early-stage projects working with Base as long as they meet the company’s investment criteria.

COIN Gaining Strength

While in its announcement, Coinbase made it clear that it has “no plans to issue a new network token,” degen traders were quick to find an alternative.

Some degen crypto traders piled into an unrelated token called BASE following Coinbase’s layer-2 announcement. The native token of Base Protocol, BASE saw its price soar about 350% in a few hours to almost its ATH before falling down hard to its previous levels.

Some have suggested that insider trading may have occurred, as the BASE token began to move long before the Coinbase announcement.

Meanwhile, Coinbase (COIN) prices are up 16% since early last week but down 29% since early February highs. COIN is a $14.43 billion market cap stock trading at $62.36 at the time of writing.

Bearish OP Take

In 2023, along with the broad crypto market green, COIN prices also recovered, having started the year under $32. Still, the stock is nowhere near its all-time high (ATH) of $430 hit when it first started trading on Nasdaq under the COIN ticker in April 2021. The COIN stock prices have only been down since currently 85.5% off their peak.

Amidst the positive price movement, Cathie Wood’s investment management firm ARK added around $13.2 million worth of Coinbase (COIN) shares, per an investor email on Thursday.

ARK Innovation ETF (ARKK) added 181,972 shares ($11.4 million) of Coinbase. This was the fund’s biggest COIN order of the year, surpassing the $9.2 million order earlier this month. Meanwhile, 31,547 COIN shares ($1.93 million) were added to Ark’s Next Generation Internet ETF (ARKW).

These purchases came after Coinbase reported its Q4 2022 earnings this Tuesday, which beat analyst expectations.

The San Francisco-based company reported fourth-quarter net revenue of $605 million, up 5% from $590 million in the third quarter. Subscription and service revenues grew 34% to $283 million in Q4, accounting for almost 50% of Coinbase’s overall revenue in the quarter, which was primarily due to interest income that came in at $162.2 million. Transaction volume, however, fell 12% quarter over quarter to $322 million on lower overall trading volume.

In its shareholder letter, Coinbase said crypto markets have improved in Q1 2023 compared to Q4 2022, helping it generate $120 million in transaction revenue in January 2023.

However, during the company’s earnings call, CEO Brian Armstrong cautioned retail investors “not to extrapolate those results forward,” pointing out that last year revealed just how volatile the crypto market can be.

Coinbase expects increased crypto regulation globally in the coming years and anticipates benefiting from it. The company also criticized the fragmented approach of the United States to regulating crypto but continues to work towards more consistent policies.

“Policy is my top priority this year,” said Armstrong, adding that he’s been spending a lot of time in Washington, D.C. “There is a lot of excitement about the potential of this technology, and there is a lot of desire for people to have this built here in America.”

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If XRP is the neutral bridge for all sovereign currencies, stablecoins, and tokenized assets, then it’s not just facilitating payments, it’s capturing all that value at every level. From smart contracts to tokenized treasuries and digitized assets, XRP forms the foundation and backbone for everything in between.

With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

~The Black Swan Capitalist

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Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

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We are minutes away from passing the GENIUS Act.
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👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
🚀 Ripple x Alchemy Pay: RLUSD On-Ramp Goes Live! 🌍

A new era for stablecoin adoption is here with Ripple and Alchemy Pay’s RLUSD on-ramp:

🔹 Buy RLUSD in 173+ countries using Visa, Mastercard, Apple Pay, Google Pay, and 300+ payment methods

🔹 RLUSD is fully backed 1:1 by USD, issued by Standard Custody—high liquidity, high trust

🔹 Available on XRP Ledger & Ethereum for fast, secure, cross-chain payments

🔹 Seamless fiat-to-crypto access for institutions and individuals—compliance at the core

🔹 Launch coincides with US GENIUS Act, giving stablecoins a clear regulatory framework

🔹 Alchemy Pay’s upcoming blockchain (Q4 2025) will boost stablecoin swaps and developer tools

🔹 RLUSD integration enhances Ripple’s ecosystem and could drive more XRP utility

This partnership bridges TradFi and DeFi, making stablecoins more accessible, credible, and global than ever! 💎🌐

https://franknez.com/ripple-and-alchemy-pay-now-launch-rlusd-on-ramp/

🔥 XRP Community Update! 🔥

Rumors are swirling about the US government seizing Ripple’s XRP escrow for national reserves—but here’s the real story:

🔹 Ripple lawyer Bill Morgan has flatly denied any US plans to seize XRP escrow: “No, it won’t.”

🔹 Speculation began after Ripple’s routine release of 1B XRP from escrow

🔹 Claims about the Fed using XRP for payments remain unverified—no official confirmation

🔹 President Trump has floated the idea of altcoins (XRP, SOL, ADA) in US reserves, fueling more chatter

🔹 Ripple’s tech is gaining traction in payments, but no evidence supports government seizure or reserve use

🔹 Always look for facts—speculation ≠ reality!

https://coingape.com/lawyer-denies-rumors-about-us-seizing-xrp-escrow-for-reserve/

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🚀 On-chain Yield Meets Wall Street! 🚀

IXS, in partnership with OpenTrade, has launched the BlackRock High-Yield Corporate Bond Vault—bringing real-world bond yields to DeFi. Here’s why this is a game-changer:

🔹 Access BlackRock’s iShares 0–5 Year High Yield Corporate Bond ETF (SHYG) on-chain
🔹 Earn up to 8.5% APY, with daily interest accrual and zero fees during promo
🔹 Deposit USDC on Avalanche—no brokers, no onboarding delays
🔹 Withdraw anytime—no lockups, no gas hurdles
🔹 Backed by $6.4B in assets and a 4-star Morningstar rating
🔹 Real yield from real bonds, not just simulated returns
🔹 Fully tokenized, compliant, and always-on for digital-first investors
🔹 Brings institutional-grade fixed income directly to on-chain capital

The future of yield is here: transparent, credible, and powered by the world’s largest asset manager. 💎🌐

https://www.ixs.finance/news/ixs-launches-blackrocks-high-yield-corporate-bond-vault

https://coinmarketcap.com/currencies/ix-swap/

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

Source

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🎬Proof the Deep State Planned This War for Years🎬
Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

Let’s start with what just happened.

Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

Why?

Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

Here’s the sickest part:

“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

Let that sink in.

They literally suggested using Israel to start the war, so America could stand back and say, “Wasn’t us!”

They even titled a chapter of this report: “Leave It to Bibi” — naming Netanyahu as the guy to light the match.

Exhibit B: The Council on Foreign Relations (CFR).

The Council on Foreign Relations is an another Deep State operation. Also in 2009, CFR published a “contingency memothat laid out the whole military plan for an Israeli strike on Iran — step by step.

  • What routes the jets would fly (over Jordan and Iraq).

  • What bombs they’d use (the biggest bunker-busters in the U.S. arsenal).

  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

  • And how Iran might respond (missiles, drones, threats to U.S. bases).

It’s like they had a time machine. Because those exact strikes just happened following the routes, likely using the bombs and hitting the sites that the CFR outlined.

Exhibit C: The Plot to Attack Iran by Dan Kovalik.

This one really blows the lid off.

US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

He even reveals how they discussed false flag attacks — faking an Iranian strike to justify going to war. That’s not a conspiracy theory. That’s documented strategy.

And here’s where President Trump comes in.

Unlike the warmongers who wrote these plans, Trump wasn’t looking to bomb Iran. He wanted to talk. Negotiate. Make a deal — like he did with North Korea.

In fact, peace talks with Iran were just days away.

But someone didn’t want peace. Someone wanted war.

So Israel went in — just like the Brookings script said — and lit the fuse.

Trump didn’t authorise it. He didn’t want it. But they gazumped him. They went around him. And now, the peace he was trying to build has been blown to bits.

This was never about Iran being a threat. It was about keeping the war machine fed.

Think tanks, defence contractors, foreign lobbies — they don’t profit from peace. They thrive on tension. On fear. On war.

And now, thanks to them, the world’s one step closer to the edge.

If you’ve never trusted the mainstream media, you’re right not to.

If you’ve ever suspected there’s a shadowy agenda behind every war, you’re not paranoid.

You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.

— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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