2024-4-4 16:42 |
Ripple enters the stablecoin market with a USD-pegged token. Backed by USD deposits, treasuries, and audits, Ripple’s stablecoin targets institutional adoption. The new stablecoin will initially be issued on Ethereum and XRP Ledger.
Ripple, the blockchain enterprise behind XRP Ledger, has announced its entry into the stablecoin market with plans to introduce a USD-pegged stablecoin.
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
Backed by a robust reserve of USD deposits, short-term U.S. government treasuries, and other cash equivalents, Ripple aims to rival existing stablecoins like Tether (USDT) and Circle’s USD Coin (USDC).
Ripple’s move into the stablecoin marketCommenting on the stablecoin launch plans, Ripple’s Chief Technology Officer, David Schwartz, joined Ripple’s CEO, Brad Garlinghouse, in acknowledging that “launching a stablecoin is a natural step for Ripple,” as the platform seeks to “bridge the gap between traditional finance and crypto.”
A high-quality USD stablecoin on the XRPL – with its decentralized exchange and features like issued currencies, auto-bridging (that uses XRP as the native currency to facilitate trades between other assets), and the AMM — will be a gamechanger for users and devs. https://t.co/uGC72bosfM
— David "JoelKatz" Schwartz (@JoelKatz) April 4, 2024
With the stablecoin launch slated for later this year, Ripple aims to leverage its compliance-first approach and partnerships with global banks to provide a trusted alternative for institutional clients and payment companies.
The distinguishing features of Ripple’s stablecoinRipple’s stablecoin will offer transparency through regular audits conducted by third-party accounting firms, ensuring accountability and trust for users.
The stablecoin will initially be available on the XRP Ledger and Ethereum networks, with plans to expand to additional blockchains and DeFi protocols over time.
By deploying the stablecoin on the XRP Ledger and Ethereum, Ripple aims to unlock new opportunities in institutional and decentralized finance (DeFi) use cases across multiple ecosystems.
By providing a trusted and compliant stablecoin option, Ripple seeks to drive adoption among enterprise clients and contribute to a vibrant ecosystem of stable assets in the cryptocurrency market.
With the stablecoin market projected to reach $2.8 trillion by 2028, Ripple sees significant potential for growth and adoption.
While Tether (USDT) currently dominates the stablecoin market, Ripple sees an opportunity to provide an alternative amidst regulatory concerns and market dynamics.
Ripple acknowledges the dominance of USDT but believes there is room for multiple options, particularly in DeFi applications where concentrated risk poses challenges.
By offering a stablecoin backed by USD reserves and supported by compliance measures, Ripple aims to address the needs of enterprise-grade institutional clients and non-banking financial institutions.
Ripple still facing legal challengesRipple’s plans to launch a stablecoin comes in the midst of legal battles with the U.S. Securities and Exchange Commission (SEC) regarding the sale of XRP.
Ripple, however, reaffirms its commitment to compliance and regulatory standards. With a growing license portfolio in key regions globally, Ripple aims to navigate regulatory landscapes effectively while expanding its stablecoin offering to cater to a diverse range of users and use cases.
The post Ripple to issue USD-pegged stablecoin challenging Tether and USDC market dominance appeared first on CoinJournal.
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