Ripple plans to launch US dollar-pegged stablecoin

San Francisco headquartered blockchain firm Ripple is now planning to jump into the stablecoin business.

Ripple Labs is a San Francisco headquartered fintech firm which is mainly known for XRP cryptocurrency. This fintech firm manages development works around XRP and also uses it in cross-border payment services. In the past, many times people called XRP a centralised Cryptocurrency but Ripple always denies any kind of such claims.

On 4 April 2024, Ripple announced its plan for the stablecoin project.
According to this San Francisco headquartered fintech firm, the market of stablecoin will be $2.8 trillion by 2028.
Ripple believes that it will get better support for its stablecoin because people demand more trust, transparency, & better stability.
In the initial phase, Ripple’s stablecoin will be launched on the XRPL & Ethereum network.

1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility.

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That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…

— Ripple (@Ripple) April 4, 2024

In the latest interview with popular crypto news media Cointelegraph, Ripple CTO David Schwartz disclosed that the company is still in the initial phase of this new project and so far no decision has been made for the name of the planned stablecoin, so for now, we can call it Ripple stablecoin.

Ahead of Ripple's stablecoin launch plan, #Ripple CTO says
"we don’t have an answer to yet. What’s the ticker going to be, and what we’re going to call it? You’re just going to have to call it the Ripple stablecoin for now,”

— Bitcoinik (@Bitcoinikdotcom) April 5, 2024

Ripple CEO Brad Garlinghouse shared the strong points of Ripple for this business sector. He said that Ripple has years of experience, a regulatory footprint, a strong balance sheet and a network with near-global payout coverage because of its existing XRP-backed cross-border payment services.

Launching a stablecoin is a natural step for Ripple as we bridge the gap between traditional finance and crypto. We have 1/ the years of experience 2/ regulatory footprint 3/ a strong balance sheet and 4/ a network with near global payout coverage, to offer the best of… https://t.co/GlyqhYl9ES

— Brad Garlinghouse (@bgarlinghouse) April 4, 2024

XRP price action

Following this stablecoin news by Ripple, the trade price of XRP coin surged nearly 7% within a few minutes but later retracted the trade price back.
The current trade price is only 3.3% higher over the last 24 hours.

$XRP is failing to show a rally, despite Ripple stablecoin news! pic.twitter.com/XRqT1k6HpF

— Bitcoinik (@Bitcoinikdotcom) April 5, 2024

Read also: US States ask Cardano (ADA) to develop blockchain voting platform

Ripple plans to launch US dollar-pegged stablecoin

 

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