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📢 JUST IN: XRP's Mother Company Ripple To Launch Dollar Backed Stablecoins. The Financial Times confirmed that San Francisco-based Ripple is on schedule to introduce a stablecoin backed by USD. With such a move, the company behind XRP plans to build a bridge between crypto and traditional finance, making it possible to use blockchain technology for trading securities
As noted by Ripple, the stablecoin market has ballooned to a whopping $150 billion. Tether's USDT stablecoin alone is worth $106 billion, according to the latest data provided by CoinGecko. The new stablecoin will be fully backed by dollar deposits, cash equivalents, and government bonds. Ripple claims that it will be conducting attestations on a monthly basis.
Ripple has pitched the new product as an "enterprise-grade" stablecoin with a "compliance-first mindset."
Ripple's upcoming stablecoin will be launched simultaneously on Ethereum and the XRP Ledger. In the future, the stablecoin's issuance will also be expanded to other blockchains, according to the company's announcement.