Ripple Plans to Issue a USD-backed Stablecoin
Ripple, the issuer of the cryptocurrency XRP, has announced its plans to release a new stablecoin backed by the United States dollar.
The company aims to compete with popular stablecoins like Circle and Tether for a share in the market in the next five years.
Ripple’s chief technology officer David Schwartz has shared more details about the stablecoin, stating that it will initially be available on the XRP Ledger and Ethereum blockchain.
While the official name and ticker for the new stablecoin have yet to be determined, Schwartz humorously mentioned that it could be referred to as the “Ripple stablecoin” for now.
He also revealed that Ripple has been considering the idea of a stablecoin for over a year and believes that the current stablecoin ecosystem is not as diverse and strong as it could be.
