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.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.