Ripple to Launch USD-Pegged Stablecoin to Bridge Finance and Crypto
- Ripple announces the launch of a USD-pegged stablecoin, promising monthly attestations of reserve assets by an independent accounting firm.
- The stablecoin aims to bridge traditional finance and crypto, starting on the XRP Ledger and Ethereum, with plans to expand to more blockchains and DeFi platforms.
Enterprise-focused blockchain service and creator of the XRP Ledger, Ripple announced its plans to launch a stablecoin, pegged 1:1 to the US dollar (USD).
The newly launched stablecoin will be backed by deposits in US dollars, short-term treasuries from the US government, and other liquid assets. An independent accounting firm will audit these reserve assets, with Ripple releasing monthly attestations.
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.
— Ripple (@Ripple) April 4, 2024
That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…
The stablecoin market is about $150 billion, and projections suggest it will surpass $2.8 trillion by 2028. By the same token, Ripple believes there’s a significant demand for stablecoins that deliver trust, stability, and utility
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"This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto,” said Brad Garlinghouse, CEO of Ripple. “Institutions entering this space are finding success by partnering with compliant, crypto-native players and Ripple's track record and resiliency speaks for itself, as we launch new products and acquire companies through multiple market cycles.”
Launching a stablecoin is a natural step for Ripple as we bridge the gap between traditional finance and crypto. We have 1/ the years of experience 2/ regulatory footprint 3/ a strong balance sheet and 4/ a network with near global payout coverage, to offer the best of… https://t.co/GlyqhYl9ES
— Brad Garlinghouse (@bgarlinghouse) April 4, 2024
Initially, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to extend its availability to more blockchains and decentralized finance (DeFi) platforms.
Edited by Harshajit Sarmah
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