In a notable development, blockchain developer Ripple Labs recently announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD).
Ripple Enters Booming Stablecoin Market
According to the company’s announcement on Thursday, the stablecoin’s reserves will consist of US dollar deposits, short-term US Treasury bills, and other undisclosed cash equivalents. All of these will be audited by a third-party accounting firm. Ripple plans to publish monthly certifications to ensure transparency.
With the stablecoin market currently valued at around $150 billion, Ripple’s entry is significant. The market is projected to exceed $2.8 trillion by 2028, highlighting the potential for growth and adoption.
Ripple CEO Brad Garlinghouse emphasized the importance of partnerships with compliant, crypto-native players for success in this space. He highlighted Ripple’s track record in launching new products and acquiring companies across various market cycles.
Garling
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