- Blockchain firm Ripple said it’s launching a U.S. dollar stablecoin, marking an entry into the $150 billion stablecoin market.
- The move will pit Ripple against stablecoin giants Tether, which is behind the largest stablecoin UDST, and Circle, the issuer of USDC.
- Ripple is first launching its stablecoin in the U.S., but didn’t rule out offering additional regional stablecoins in non-U.S. markets like Europe and Asia.
Crypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar.
The stablecoin will always be backed 1-to-1 by an equivalent sum of assets — U.S. dollar deposits, U.S. government bonds and cash equivalents — that the company holds in reserve, according to Ripple.
The crypto firm said its reserves would be accounted for in publicly available monthly attestation reports. It did not say which firm will audit.
Ripple is first launching its stablecoin in the U.S., but didn’t rule out offering additional regional products in non-U.S. markets, like Europe and Asia.
https://www.cnbc.com/2024/04/04/crypto-firm-ripple-to-launch-us-dollar-stablecoin.html