Ripple plans to release its own stablecoin at the end of the year
Ripple today announced plans to release its own stablecoin at the end of 2024. It is stated that the crypto asset will be backed by US government treasury bonds and other cash equivalents.
The stablecoin will initially be deployed on the XRP Ledger as well as the Ethereum (ETH) blockchain using the ERC-20 token standard. First of all, the stablecoin is intended for corporate clients and banks.
We strive to conquer the market and stay in it for the long term,” said Ripple CTO David Schwartz.
He also emphasized that transparency of the crypto asset will be a priority for Ripple, obviously in order to successfully compete with market giants such as Tether (USDT).
It is worth noting that the release of the Ripple stablecoin could have a positive impact on the value of XRP by increasing its functionality and increasing confidence among market participants.
