Ethereum

Stablecoin

Million

USDC

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. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 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) <a href="https://twitter.com/Ripple/status/1775873224531665051?ref_src=twsrc%5Etfw">April 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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. 
<h2 id="ripple-stablecoin-to-focus-on-transparency">Ripple Stablecoin To Focus On Transparency</h2> 
A primary focus for the new stablecoin will be <a href="https://insidebitcoins.com/news/tether-ventures-into-ai-realm-with-focus-on-transparency-and-privacy">transparency</a>, 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. 
<img decoding="async" src="https://coingeek.com/wp-content/uploads/2018/05/ripple-labs-hit-securities-class-action-suit.jpg" alt="Ripple Labs hit with securities class-action suit - CoinGeek"> 
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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Ripple To Launch Dollar-Backed Stablecoin To Challenge Rivals USDT And USDC

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