Ripple’s plans to launch a US dollar-pegged stablecoin are said to be coming in the next few weeks. In a report, Ripple Chief Executive Officer (CEO) Brad Garlinghouse said that Ripple’s stablecoin option is “very close” to its official launch.
In fact, he said the Ripple USD project aka RLUSD will be launched in the next few weeks. However, the exact details regarding the execution time are still uncertain.
In early April, Ripple President Monica Long revealed that Ripple's stablecoin would eventually be issued on the XRP Ledger and Ethereum. Its presence is believed to be an entry point to open new opportunities for institutional and DeFi use cases across various ecosystems.
The stablecoin is claimed to be 100% backed by US dollar deposits, short-term US government bonds, and other cash equivalents. Ripple acknowledged that the strategic move is one of the strategies to capture the stablecoin market opportunity which is projected to reach US$2.8 trillion by 2028.
