Brad Garlinghouse, the Ripple CEO, has stated the reasons that prompted the company to enter the stablecoin market after the company announced its intent to introduce a U.S. dollar-based stablecoin. With this step, Ripple has joined the group of top stablecoin issuers like Tether and Circle, initiating a shift in the company’s product offering.
Ripple’s Move into Stablecoins
According to Brad Garlinghouse, Ripple’s expansion into the stablecoin market is based on the solid and comprehensive record, regulatory observance, strong balance sheet, and global network. The company states that the soon-to-be-launched U.S. dollar stablecoin will be backed by a combination of U.S. dollar deposits, U.S. government bonds, and cash equivalents in a 1-to-1 ratio to make sure that it will be a stable and secure digital currency for people who decide to use it.
Although the auditor has not been revealed, the company has made a promise of transparency by vowing to release monthly attestation repo
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