Stablecoin

David Vance

USDe

USDC

<a href="https://bitcoinworld.co.in/ripple-to-launch-a-stablecoin-backed-by-the-us-dollar/" title="Ripple To Launch A Stablecoin Backed By The US Dollar" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Blockchain firm Ripple aims to wrestle market share from USDT and USDC with the launch of a transparent, compliance-focused dollar-backed stablecoin.</li>
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After years of focusing on cross-border payments with XRP, blockchain firm <a href="https://ripple.com/" rel="noopener noreferrer nofollow">Ripple</a> is charging into the $150 billion stablecoin market with an ambitious new product.&nbsp;
Today, Ripple revealed its plans for a USD-backed stablecoin that aims to wrestle market share from Tether’s USDT and Circle’s USDC, the two dominant players.
“The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028,” Ripple CTO David Schwartz told reporters.&nbsp;
“There’s a clear demand for stablecoins that deliver trust, stability and utility.”
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Ripple’s token will be 100% backed by dollar deposits, U.S. Treasuries and cash equivalents held at U.S. banks.&nbsp;
To instill confidence, the company will undergo monthly third-party audits and publish attestations verifying its reserve holdings, a level of transparency lacking with Tether.
The new stablecoin from the XRP issuer arrives as Ripple awaits resolution in its high-stakes SEC lawsuit over XRP’s security status.&nbsp;
While victorious on some fronts, with a court ruling that XRP itself is not a security, Ripple still faces charges over $728.9 million in alleged unregistered sales to institutions.
Launching its stablecoin is not just a revenue play for Ripple, but ties into advancing the XRP ecosystem.&nbsp;
The token will provide another liquidity source complementing XRP for Ripple’s On-Demand Liquidity product used by banks and payment firms struggling to find sufficient XRP market depth in certain corridors.
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The post <a href="https://bitcoinworld.co.in/ripple-to-launch-a-stablecoin-backed-by-the-us-dollar/" rel="noopener noreferrer nofollow">Ripple To Launch A Stablecoin Backed By The US Dollar</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Ripple To Launch A Stablecoin Backed By The US Dollar

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