Ripple, a blockchain developer and cryptocurrency solution provider, has announced the launch of a cryptocurrency pegged to the United States Dollar (USD) at a 1:1 ratio. This Stablecoin by Ripple will be backed by assets such as USD deposits, short-term US Treasury bonds, and equivalent assets verified by external auditing firms, with reports issued monthly.
According to Ripple, the current market value of Stablecoins is approximately $1.5 trillion and is predicted to rise to $2.8 trillion by 2028 due to increasing demand. Recognizing this opportunity to bridge traditional financial institutions with cryptocurrencies on the XRP Ledger, Ripple is planning to release this Stablecoin.
This upcoming Stablecoin will operate on both the XRP Ledger and the Ethereum blockchain, with plans to expand to other chains and the DeFi sector.
Source: Ripple
TLDR: Ripple introduces a USD-backed Stablecoin, poised to bridge traditional finance with cryptocurrencies on the XRP Ledger and other blockchain platforms.
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