Ripple to launch US dollar stablecoin, aims to compete with USDT and USDC
Ripple expects the stablecoin market to surpass $2 trillion by 2028 and aims to compete with Circle’s USDC and Tether USDT.
XRP issuer Ripple has announced plans to launch a United States dollar-backed stablecoin and hopes to compete with Circle and Tether for a slice of the market share over the next five years.
Cointelegraph spoke to Ripple chief technology officer David Schwartz ahead of the announcement, which outlines plans for the stablecoin that will initially be issued on the XRP Ledger and the Ethereum blockchain.
“It’s funny that the question you ask, we don’t have an answer to yet. What’s the ticker going to be, and what we’re going to call it? You’re just going to have to call it the Ripple stablecoin for now,” Schwartz said during a video call.
Ripple has been toying with the idea of launching a stablecoin for over a year, and Schwartz believes the existing stablecoin ecosystem is not as diverse and robust as it could be. Pinning the stablecoin market’s current value at $150 billion, Schwartz said there’s room for another big player.