Ripple announced plans to launch a dollar stablecoin
The Ripple team promises that the future stablecoin will be backed by an equivalent amount of reserves in US dollars, as well as US government bonds. The name of the stablecoin and its ticker have not yet been specified.
Initially, the new stablecoin will be available to US users on the XRP Ledger and Ethereum blockchains. In the future, it is possible that additional regional stablecoins will be offered in markets outside the US, such as Europe or Asia.
In an interview with CNBC, Ripple CEO Brad Garlinghouse said that he is not afraid of competition from Tether (USDT stablecoin) and Circle (USDC). His company will be able to successfully compete for its market share. The reason, according to the businessman: the existing stablecoin ecosystem is not so diverse and reliable.
Earlier, Mehen Finance, the company behind the USDM stablecoin launched on March 17, announced that access to token trading for retail investors would be provided in April.
