Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC
The token will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents," according to the company.
Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar.
"The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028," Ripple said in a statement shared with CoinDesk. "There’s clear demand for stablecoins that deliver trust, stability and utility."