Ripple’s USD-Pegged Stablecoin Initiative Targets Rising Market Demand
Ripple, known for its enterprise-grade blockchain solutions,
has announced its intention to introduce a stablecoin pegged 1:1 to the US
dollar. This revelation comes as the demand for stablecoins showcasing
reliability, trust, and utility continues to surge.
The upcoming stablecoin from Ripple will be fully backed by
US dollar deposits, short-term US government treasuries, and other cash
equivalents. To ensure transparency and accountability, these reserve assets
will undergo regular audits conducted by a reputable third-party accounting
firm. Furthermore, Ripple pledges to provide monthly attestations of these
assets.
Brad Garlinghouse, CEO, Ripple, Source: LinkedIn
“This is a natural step for Ripple to continue bridging
the gap between traditional finance and crypto,” Brad Garlinghouse, Ripple’s CEO, said. “Institutions entering this space are finding success by partnering with
compliant, crypto-native players and Ripple’s track record and resiliency
speaks for itself, as we launch new products and acquire companies through
multiple market cycles. This move is monumental for the XRP Ledger
community, driving more use cases, liquidity and opportunities for developers
and users.”
The stablecoin market, currently valued at approximately
$150 billion, is projected to soar beyond $2.8 trillion by 2028. Recognizing
this potential, Ripple aims to leverage its extensive experience in crafting
real-world financial solutions to meet this escalating demand.
Multi-Blockchain Stablecoin: Enhancing Liquidity and
Interoperability
Upon its launch, Ripple’s stablecoin will initially be
accessible on the XRP Ledger (XRPL) and Ethereum blockchains, with plans
for expansion to additional blockchains and decentralized finance
protocols in the future.
6/ Ripple’s move into stablecoins isn’t just about innovation; it’s about contributing to the #XRPL ecosystem and setting the stage for a more robust and diverse crypto landscape.
Learn more about the Ripple stablecoin: https://t.co/s770qUys8Y
— Ripple (@Ripple) April 4, 2024
Key advantages of Ripple’s stablecoin
include its enterprise-grade nature, rooted in Ripple’s expertise in developing
blockchain-based solutions tailored for financial institutions and enterprises.
The stablecoin will be integrated into Ripple’s payment solution alongside XRP,
marking a significant step towards the first large-scale enterprise application
of such assets.
Moreover, the stablecoin’s issuance on the XRPL and Ethereum
networks ensures compatibility with a wide range of applications and
developers. This move not only enhances liquidity on decentralized exchanges
but also fosters cross-chain interoperability, amplifying accessibility and
usability.
Ripple, known for its enterprise-grade blockchain solutions,
has announced its intention to introduce a stablecoin pegged 1:1 to the US
dollar. This revelation comes as the demand for stablecoins showcasing
reliability, trust, and utility continues to surge.
The upcoming stablecoin from Ripple will be fully backed by
US dollar deposits, short-term US government treasuries, and other cash
equivalents. To ensure transparency and accountability, these reserve assets
will undergo regular audits conducted by a reputable third-party accounting
firm. Furthermore, Ripple pledges to provide monthly attestations of these
assets.
Brad Garlinghouse, CEO, Ripple, Source: LinkedIn
“This is a natural step for Ripple to continue bridging
the gap between traditional finance and crypto,” Brad Garlinghouse, Ripple’s CEO, said. “Institutions entering this space are finding success by partnering with
compliant, crypto-native players and Ripple’s track record and resiliency
speaks for itself, as we launch new products and acquire companies through
multiple market cycles. This move is monumental for the XRP Ledger
community, driving more use cases, liquidity and opportunities for developers
and users.”
The stablecoin market, currently valued at approximately
$150 billion, is projected to soar beyond $2.8 trillion by 2028. Recognizing
this potential, Ripple aims to leverage its extensive experience in crafting
real-world financial solutions to meet this escalating demand.
Multi-Blockchain Stablecoin: Enhancing Liquidity and
Interoperability
Upon its launch, Ripple’s stablecoin will initially be
accessible on the XRP Ledger (XRPL) and Ethereum blockchains, with plans
for expansion to additional blockchains and decentralized finance
protocols in the future.
6/ Ripple’s move into stablecoins isn’t just about innovation; it’s about contributing to the #XRPL ecosystem and setting the stage for a more robust and diverse crypto landscape.
Learn more about the Ripple stablecoin: https://t.co/s770qUys8Y
— Ripple (@Ripple) April 4, 2024
Key advantages of Ripple’s stablecoin
include its enterprise-grade nature, rooted in Ripple’s expertise in developing
blockchain-based solutions tailored for financial institutions and enterprises.
The stablecoin will be integrated into Ripple’s payment solution alongside XRP,
marking a significant step towards the first large-scale enterprise application
of such assets.
Moreover, the stablecoin’s issuance on the XRPL and Ethereum
networks ensures compatibility with a wide range of applications and
developers. This move not only enhances liquidity on decentralized exchanges
but also fosters cross-chain interoperability, amplifying accessibility and
usability.
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