Debt obligation

It is reported that in response to the recent problem of the stable currency market, Matt Hamilton, former developer relations director of Ripple and now chief developer of Protocol Labs, said on social media that XRP Ledger is the first blockchain to support the so-called stable currency. On XRPL, this type of asset is named and called IOU (I own you) tool, that is, debt obligation. Users lend 1000 dollars in exchange for 1000 USDC, and Circle will return it as needed, Such a system requires users to clearly determine their level of trust in counterparties. Matt Hamilton said that the concept of stable currency changed because of the arrival of Ethereum, because people began to regard the stable currency such as USDT or USDC itself as an asset rather than the debt of other assets. Former developer relations director of Ripple: Ethereum has changed the concept of stable currency from debt to asset Analysis based on this information:The stable…