Ripple Prepares To Shake Up $150B Market With Imminent Launch Of New Stablecoin

Notably, Ripple Labs, a well-known blockchain company, revealed their intention to introduce a stablecoin that will be equivalent to the US dollar (USD) in value.

Ripple Enters Booming Stablecoin Market

The company revealed on Thursday that the reserves backing its stablecoin will include US dollar deposits, short-term U.S. Treasury bills, and unspecified cash equivalents. These assets will undergo external audit by a reputable accounting firm. Ripple intends to make these monthly audits public for enhanced transparency.

Having a market value of approximately $150 billion for stablecoins at present, Ripple’s entrance represents a notable move. This market is predicted to surge past $2.8 trillion by 2028, underlining the vast potential for expansion and acceptance.

Brad Garlinghouse, CEO of Ripple, stressed the significance of collaborating with trustworthy, cryptocurrency-focused partners to thrive in this sector. He showcased Ripple’s accomplishments, including introducing new products and buying companies during different economic periods.

According to Garlinghouse, this action is not just beneficial for Ripple but also brings positive changes for the XRP Ledger (XRPL) community. It’s expected to increase the number of applications, improve liquidity, and present new development possibilities for both users and developers.

Institutional And DeFi Adoption Across Multiple Ecosystems

At first, the stablecoin can be found on both the XRP Ledger and Ethereum (ETH). Ripple intends to broaden its reach to more blockchains and decentralized finance (DeFI) platforms and tools in the future.

Monica Long, president of Ripple, expressed that releasing the stablecoin on XRPL and Ethereum would open up fresh possibilities for institutional and DeFi applications in various systems. She added:

The XRP Ledger comes with unique features such as a decentralized exchange and an automated market maker, all designed to make XRP the connecting currency. Introducing a reliable stablecoin on XRPL will attract more users and developers, fostering a lively community.

In due time, Ripple’s stablecoin is anticipated to debut this year, assuming US regulatory approval is granted. This upcoming launch represents a pivotal moment, with the capacity to redefine the stablecoin industry and present fresh advantages for institutions, developers, and individuals alike.

Ripple Prepares To Shake Up $150B Market With Imminent Launch Of New Stablecoin

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2024-04-04 17:28