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Ripple plans to launch a dollar-backed stablecoin on the XRP Ledger and the Ethereum blockchain later this year in an effort to rival market leaders USDT and USDC.
“The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028,” Ripple said in an Apr. 4 statement. “There’s a clear demand for trust, stability, and utility.”
Ripple CEO Brad Garlinghouse said on X that the launch of a stablecoin is a natural step for the crypto company as it aims to bridge the gap between traditional finance and crypto.
He told CNBC in an interview that Ripple decided to launch a stablecoin in response to the temporary “depegging” of Tether’s USDT token and Circle’s USDC in 2022 and 2023, respectively.
1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility.
That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…
— Ripple (@Ripple) April 4, 2024
The Ripple stablecoin will be pegged 1:1 to the dollar and backed 100% by dollar deposits, short-term US government treasuries, and other cash equivalents, Ripple said.
Ripple Stablecoin To Focus On Transparency
A primary focus for the new stablecoin will be transparency, which has historically been a major issue for stablecoin issuers, according to Ripple’s Chief Technology Officer David Schwartz. “We’re going to have public audits on a monthly basis, hopefully by a top-tier accounting firm,” he told CoinDesk in an interview.
Issuing the stablecoin on Ethereum and the XRP Ledger will unlock unexplored opportunities for DeFi and institutional use cases, said Ripple President Monica Long.
Introducing a trusted stablecoin onto XRP Labs will also “drive more adoption and development, contributing to a vibrant ecosystem, ” she added.
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