According to U.Today, Ripple, a corporate crypto solutions provider, recently announced its plans to launch a stablecoin tied to the U.S. dollar. This move marks Ripple's foray into the rapidly expanding stablecoin market, currently estimated to be worth around $150 billion. The stablecoin, fully backed by U.S. dollar deposits, short-term U.S. government treasuries, and similar cash equivalents, is designed to cater to the growing demand for reliable and secure digital assets.
Ripple intends to leverage its extensive experience in creating financial solutions for global institutions to make the stablecoin available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains initially. There are also plans for potential expansion to other platforms in the future. Monica Long, President of Ripple, underscored the significance of stablecoins in offering stability and accessibility to cryptocurrency markets, particularly in the wake of recent banking crises.
Long highlighted the need for dependable on/off ramps to the dollar for traditional institutions, especially in the United States. She expressed her excitement about Ripple's role in meeting this market need with the introduction of its stablecoin. Long emphasized the company's dedication to providing trust and utility to users while addressing regulatory considerations.
As the crypto industry eagerly awaits Ripple's stablecoin launch, the impact it will have on the broader crypto landscape is a topic of interest. Regulatory approval will be a key factor in determining the timeline for the stablecoin's release.