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The Block reports that blockchain startup Ripple has revealed plans to release its own stablecoin based on the Ethereum and XRP Ledger networks in late 2024.
The stablecoin will be supported by dollar deposits, short-term US government treasuries, and other currency equivalents. "These backed assets will be verified by a third-party accounting firm and Ripple will publish monthly confirmations," the company said.
Ripple's stablecoin will initially only be accessible on the Ethereum and XRP Ledger networks. However, the company stated that "plans are to expand to other blockchains and decentralized financial protocols and applications over time."
The two most popular dollar-linked stablecoins at the moment are USDC from Circle Internet Financial and USDT from Tether. According to The Block Data Dashboard, Ripple forecasted in its statement that the stablecoin market, which is currently valued at over $150 billion, will increase to $2.8 trillion by 2028, with USDT contributing roughly $110 billion of that total.
source: theblock.co
The stablecoin will be supported by dollar deposits, short-term US government treasuries, and other currency equivalents. "These backed assets will be verified by a third-party accounting firm and Ripple will publish monthly confirmations," the company said.
Ripple's stablecoin will initially only be accessible on the Ethereum and XRP Ledger networks. However, the company stated that "plans are to expand to other blockchains and decentralized financial protocols and applications over time."
The two most popular dollar-linked stablecoins at the moment are USDC from Circle Internet Financial and USDT from Tether. According to The Block Data Dashboard, Ripple forecasted in its statement that the stablecoin market, which is currently valued at over $150 billion, will increase to $2.8 trillion by 2028, with USDT contributing roughly $110 billion of that total.
source: theblock.co
