Ripple became a founding member of the DeRec Alliance along with Swirlds Labs and the Algorand Foundation. The alliance aims to simplify the implementation and recovery of digital assets. The DeRec protocol allows private information to be restored even if users lose their smartphone or other device for two-factor authentication. 📱 The alliance was first initiated by Hedera and Algorand ecosystem members. Ripple and XRPL Labs have joined the duo as two-year members of the Technical Oversight Committee. Ripple announced that it is launching its stablecoin on the XRP Ledger and Ethereum blockchains at the end of 2024. The stablecoin will be 100% backed by dollar deposits, short-term treasury bills and other assets, and will be audited by a third-party accounting firm.