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Payment protocol Ripple (CRYPTO: XRP) on Thursday announced its entry into the stablecoin market with a U.S. dollar-pegged token.
What Happened: Ripple’s stablecoin aims to set a new standard in the stablecoin ecosystem by ensuring a 1:1 peg to the U.S. dollar, underpinned by substantial U.S. dollar deposits, short-term U.S. government treasuries and other cash equivalents, according to a press release.
This move positions Ripple directly against industry leaders Tether (CRYPTO: USDT) and Circle (CRYPTO: USDC), vying for a share of the rapidly growing $150 billion stablecoin market, projected to reach $2.8 trillion by 2028.
These reserves will undergo third-party audits, with Ripple committing to monthly attestations to uphold transparency and trust.
Brad Garlinghouse, CEO of Ripple, described the launch as “a natural step for Ripple to continue bridging the gap between traditional finance and crypto.”
The introduction of the stablecoin is not only seen as a strategic move for Ripple but also as a potential boon for the XRP Ledger community, promising to enhance use cases, liquidity, and opportunities for both developers and users.
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At its inception, the stablecoin will be accessible on the XRP Ledger and Ethereum (CRYPTO: ETH) blockchains, with Ripple outlining plans for future expansion across other blockchains and decentralized finance protocols.
Monica Long, Ripple President, emphasized the pivotal role the stablecoin will play in unlocking new institutional and DeFi use cases, further driving adoption and fostering a dynamic ecosystem around the XRP Ledger.
This strategic move by Ripple comes at a time when the stablecoin market is projected to experience exponential growth, with forecasts suggesting it could exceed $2.8 trillion by 2028.
Ripple’s entry into this competitive landscape is anticipated to be a significant discussion point at Benzinga’s upcoming Future of Digital Assets conference on Nov. 19.
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