XRP (Ripple) vs USDC (USD Coin): A Comparison and Review
XRP is a cryptocurrency platform built on a distributed ledger network. It is primarily known for its transactional protocol, also called XRP. Unlike other cryptocurrencies, XRP transfers are immediate and require no typical confirmation time. Ripple Labs, the company behind XRP, initially created all of its 100 billion XRP tokens, with a majority of them owned and held by Ripple Labs itself. Ripple Labs aims to leverage the technology behind XRP to facilitate faster banking transactions globally.
- Symbol: XRP
- Name: Ripple
- Market Cap Rank: 5
- Price Change Percentage (30d): -33.42%
Ripple is a catchall name for the cryptocurrency platform, whereas XRP is the actual transactional protocol. It operates on the concept of a distributed ledger network, requiring multiple parties to validate transactions. Ripple's transfer fees are lower compared to bitcoin, and transactions are immediate. Ripple Labs, the company behind Ripple, holds a significant amount of XRP tokens, with 55 billion held in an escrow account. Ripple Labs aims to enhance banking transactions globally using XRP's technology.
USDC (USD Coin)
USDC is a fully collateralized stablecoin linked to the US dollar. It serves as a bridge between traditional dollars and cryptocurrency exchanges. USDC operates on the CENTRE technology, allowing the exchange of value between individuals, businesses, and financial institutions globally. The goal is to create a more inclusive global economy by removing artificial economic borders.
- Symbol: USDC
- Name: USD Coin
- Asset Platform: Ethereum
- Market Cap Rank: 6
- Price Change Percentage (30d): +6%
USDC is a stablecoin fully collateralized by US dollars. It facilitates the exchange of value between various entities, similar to email exchanges between mail services or texts between SMS providers. USDC operates on the Ethereum ecosystem and is categorized as a stablecoin and a USD stablecoin. The purpose of USDC is to create a more inclusive global economy by eliminating artificial economic borders.