Stablecoin

USDC

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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.
 <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) April 4, 2024
 </blockquote>
 
 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 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.
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Ripple Labs hit with securities class-action suit - CoinGeek" data-lazy-src="https://cdn.thebittimes.com/images/2024/04/05/992d59ee2b970540e0f268473d2d61ae.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/04/05/992d59ee2b970540e0f268473d2d61ae.webp" alt="Ripple Labs hit with securities class-action suit - CoinGeek">
 </noscript>
 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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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-to-launch-dollar-backed-stablecoin-to-challenge-rivals-usdt-and-usdc-tbt84522.html">https://thebittimes.com/ripple-to-launch-dollar-backed-stablecoin-to-challenge-rivals-usdt-and-usdc-tbt84522.html</a>
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Ripple To Launch Dollar-Backed Stablecoin To Challenge Rivals USDT And USDC

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