{"id":6041,"date":"2024-04-04T14:14:56","date_gmt":"2024-04-04T14:14:56","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=6041"},"modified":"2024-04-04T14:15:00","modified_gmt":"2024-04-04T14:15:00","slug":"ripple-to-unveil-us-dollar-stablecoin-eyes-major-market-share","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/ripple-to-unveil-us-dollar-stablecoin-eyes-major-market-share\/","title":{"rendered":"Ripple to Unveil US Dollar Stablecoin, Eyes Major Market Share"},"content":{"rendered":"\n

Ripple, the entity behind the XRP token, is gearing up to enter the stablecoin fray, aiming to carve out a market share alongside giants such as Circle’s USDC and Tether’s USDT. In a strategic move to diversify the stablecoin ecosystem, Ripple plans to launch a United States dollar-backed stablecoin, with initial support on both the XRP Ledger and the Ethereum blockchain.<\/p>\n\n\n\n

A New Contender Emerges<\/h2>\n\n\n\n

David Schwartz, Ripple’s Chief Technology Officer, shared insights with Cointelegraph about the forthcoming stablecoin, emphasizing the company’s commitment to compliance and transparency. While the official name and ticker for the stablecoin are yet to be decided, Ripple’s stablecoin is designed to directly compete with USDC, focusing on a compliance-first approach.<\/p>\n\n\n\n

Expanding the Stablecoin Ecosystem<\/h2>\n\n\n\n

Schwartz believes that the stablecoin market, currently valued at $150 billion, has the potential to exceed $2 trillion by 2028. With this expansive growth in mind, Ripple sees an opportunity to become a significant player, particularly in the decentralized finance (DeFi) sector. The Ripple stablecoin will maintain a 1:1 peg with the U.S. dollar, backed by dollar deposits, short-term U.S. government Treasurys, and other cash equivalents.<\/p>\n\n\n

\n
\"\"<\/figure><\/a><\/div>\n<\/div>\n\n\n

Emphasis on Compliance and Transparency<\/h2>\n\n\n\n

Ripple aims to emulate Circle’s model of compliance and transparency in stablecoin management. The company plans to have the reserve assets audited by a third-party accounting firm, committing to publish monthly attestations to ensure credibility and trust among users and investors.<\/p>\n\n\n\n

Addressing Market Concerns<\/h2>\n\n\n\n

Acknowledging the initial skepticism surrounding stablecoins, Schwartz pointed to the early days of Tether and the concerns over reserve attestations. Ripple intends to leverage its established credibility and strong balance sheet to address such concerns and assure the market of its long-term business perspective.<\/p>\n\n\n\n

Beyond XRP: A Multifaceted Approach<\/h2>\n\n\n\n

The introduction of a Ripple stablecoin aims to complement its existing ecosystem, including its automated market maker and the Ripplenet network, which serves non-bank payment companies. By offering a stablecoin, Ripple can provide multiple paths for customer transactions, especially in markets where XRP faces limitations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple, the entity behind the XRP token, is gearing up to enter the stablecoin fray, aiming to carve out a market share alongside giants such as Circle’s USDC and Tether’s USDT. In a strategic move to diversify the stablecoin ecosystem, Ripple plans to launch a United States dollar-backed stablecoin, with initial support on both the […]<\/p>\n","protected":false},"author":5,"featured_media":4969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259,18],"tags":[],"class_list":{"0":"post-6041","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins","8":"category-market-updates"},"acf":[],"yoast_head":"\nRipple to Unveil US Dollar Stablecoin, Eyes Major Market Share<\/title>\n<meta name=\"description\" content=\"Ripple, the entity behind the XRP token, is gearing up to enter the stablecoin fray, aiming to carve out a market share alongside giants such as Circle's\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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