Rajarshi Mitra
Independent Analyst
- Fiat-backed stablecoins will be available for trading on top of Ripple's XRP ledger.
- It will be available from next year via a new platform, "Sologenic."
Crypto exchange Coinfield has recently announced that it will make stocks such as Tesla and Apple tradable on the popular XRP ledger (XRPL). Coinfield’s CEO Bob Ras reported that stocks and ETFs from more than 25 global stock exchanges. He also stated that fiat-backed stablecoins will be available for trading on top of Ripple's XRP ledger. It will be available from next year via a new platform, "Sologenic". Ras said:
“It’s an ecosystem, merging traditional financial market assets—non-blockchain financial systems—with crypto assets,” he said. "We offer our customers the ability to tokenize any asset on demand. Users can tokenize over 30,000 stocks and ETFs.”
Coinfield’s own crypto Solos (Ƨ,) serves as a bridge between crypto-assets and stocks or ETFs. Solo is directly paired with fiat and used as collateral to settle transactions with third-party brokerage firms. For example, Tesla shares and USD would become TSLA and USDƨ, respectively, after they are converted to a tokenized stablecoin version. These stablecoins are tradable against XRP and Solo on CoinField’s exchange and the XRPL DEX.
Ras further added:
“We offer users ability to tokenize any asset, or fiat. A user from, say, Japan can tokenize fiat on top of XRPL and they can move their funds almost instantly to the XRP blockchain,” said Ras. “We’re helping [with the] mass adoption of cryptocurrencies, and we get more users to invest in the stock market.”
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