Xago wants to publish a market research report next month.
South Africa-based fintech company Xago, which recently launched its stablecoin, $XUS, on Ripple’s XRP Ledger (XRPL), teased its users that it will be releasing a new market research report by next month.
The Xago team shared the development in a video snippet released today.
The popular Ripple Twitter influencer @sentosumaosaba shared the development on the microblogging platform, saying:
“Fully compliant. Fully audited and backed by the US Dollar. XUS on the #XRP ledger in Africa. Sneak snip preview of a video that is part of a new market research report that will debut in July. As one of the many contributors, it’s the first ever concept for the space.”
Fully compliant. Fully audited and backed by the US Dollar. XUS on the #XRP ledger in Africa.
Sneak 💫snip💫 preview of a video that is part of a new market research report that will debut in July.
As one of the many contributors, it’s a first ever concept for the space. 🤫 pic.twitter.com/3OT11rXnE5
— ☀🌸Crypto Eri 200k Followers (beware of imposters) (@sentosumosaba) June 15, 2022
Xago Launches $XUS Stablecoin
Recall that Xago announced the launch of its stablecoin dubbed XUS, which is pegged to the U.S. dollar and based on Ripple’s XRP Ledger.
With $XUS, users can use the payment method to send and deposit funds with U.S. dollars, as well as USD Coin (USDC) via the Xago platform.
Xago, which was founded in 2016, enables its users to send funds instantly at an insignificant cost compared to traditional financial institutions.
Interestingly, following the launch of $XUS on XRPL, Xago has further enhanced its entire operations to make financial settlements easier for everyone, especially Africans.
According to the Xago team, the stablecoin was launched essentially for Africans, who reside in one of the poorest regions in the world but are still required to pay exorbitant fees when making cross-border settlements.
Mark Chirnside, CEO, and co-founder of Xago, said the firm is committed to deploying useful initiatives that will process transactions faster and at a relatively low-cost, adding:
“We are proud to announce the launch of the $XUS stable coin which enables our clients from all over the world to transact with US dollars. The funds will now arrive at their destination in a matter of hours, not days, and for far less cost than the global average of just over 6%.”
Widespread Adoption of Ripple’s Tech
Ripple’s technologies have been widely adopted across various industries, especially in the financial sector. The blockchain company’s flagship tech – XRPL – is gradually becoming the destination for numerous projects ranging from non-fungible tokens (NFTs) to stablecoins.
As reported, Ripple announced in April that five new NFT projects will be launching on the XRP Ledger and will also benefit from its $250 million creators’ funds.
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