Ripple plans to launch a stablecoin backed by the U.S. dollar later this year, U.Today reported. However, Gabor Gurbacs, a strategic advisor to Tether and VanEck Funds, shared his thoughts on the plan on Twitter, saying that Tether's USDT may continue to dominate the stablecoin market. Gurbacs said that every blockchain company wants to launch its own stablecoin, and although he supports market competition, he believes that the only king of the stablecoin market is Tether and its USDT. He believes that several key reasons why USDT may continue to maintain its leading position include: the Tether team has the "right principles and history" to be able to "support real use cases that the market wants"; USDT has high liquidity; has the "right geographical focus"; and the "right design". In addition, he also mentioned that small fees are very important when making cryptocurrency transactions, which may be because Ripple intends to build its stablecoin on a chain like Ethereum, which is known for frequent jumps in fee levels.