Meld Gold Launches Gold and Silver-Backed Stablecoins on XRP Ledger, Leveraging Native Features
- The first transaction of tokenized gold and silver was made on the XRP Ledger on September 29 after Ripple and Meld Gold disclosed their collaboration months ago.
- According to the original plan, two stablecoins fully backed by gold and silver were supposed to be fully rolled out in the third quarter of the year (Q3 2024).
In June, CNF reported a groundbreaking collaboration between Meld Gold and Ripple that was meant to deliver fungible gold and silver assets on the XRP Ledger (XRPL). On September 29, the first transaction on the mainnet finally went through, with the subsequent rollouts expected this month, October.
JUST IN: MELD GOLD CONFIRMS TOKENIZED GOLD ON $XRP LEDGER—First transaction went through yesterday and a further rollout will happen through October.” — @meldgold Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold & Silver. Each token will… https://t.co/HmYs3tsVnM pic.twitter.com/wAUgCaXnMM— Good Morning Crypto (@AbsGMCrypto) October 1, 2024
Drawing insight from our previous publication, the collaboration between Meld Gold and Ripple primarily sought to enable greater access, efficiency, and utility to Real-World Assets (RWAs). The plan was to offer institutional-grade functionality and built-in features to ensure more secure, efficient, and scalable financial services and use cases.
According to our press release review, the original plan was to release two new stablecoins on the XRPL backed by gold and silver. Specifically, each token was reported to represent 1kg of these metals that leading custody providers would hold – MKS Pamp and Imperial Vaults. In that report, Meld Gold CEO Michael Cotton disclosed that his team is very well-versed in every component of the supply chain and would contribute massively to the expected RWA revolution.
Our team of industry experts has deep experience in every component of the supply chain, from origination, certification, and logistics, to storage and insurance. Our passion for disrupting and advancing digital ownership is ideal for the coming RWA revolution. This is the industry, delivering the systems only they could design, to bring the physical world on-chain.
What Meld Gold Seeks to Achieve with XRPL Integration
According to Meld Gold, its offer of the world’s most accepted assets on-chain would certainly redefine the XRPL’s Decentralized Finance (DeFi) ecosystem. With this, both new and old users would leverage the XRPL’s native features, which include Decentralized Exchange (DEX) and Automated Market Maker (AMM).
Over the years, Meld Gold has closely worked with precious metals in its quest to provide infrastructure for a successful transition of assets on-chain. According to a blog post, with the first transaction reportedly successful, the subsequent months are expected to witness additional upgrades. This would include the “implementation of patent-pending work on minimized trust systems for connecting physical items to the blockchain.”
Utilizing blockchain technology offers significant advantages, such as immediate global accessibility, simple and secure ownership accountability, and standardized data rails for interoperability and velocity. A key component, often overlooked, is how the assets are connected to the blockchain and precisely how they are accounted for. Precious metals, being physical assets, always require trust, but minimizing this to only the required level is crucial.
Recently, Ripple announced that its yet-to-be-launched RLUSD stablecoin on the XRPL has reached an advanced phase, with 99% of its total supply minted. As we reported, 800,000 new tokens have been created after 100,000 tokens were generated several months ago.