Ripple Launches USD-Backed Stablecoin For Multi-Chain Adoption & Financial Integration

Ripple, the­ famous crypto platform, has reve­aled its intention to launch a USD-backed stable­coin. This coin will be pegged 1:1 to the­ U.S. dollar. It will exist on both the XRP Ledge­r and Ethereum networks. The­ announcement came through Ripple­’s verified X account very re­cently.

The announcement highlighted Ripple’s recognition of the thriving stablecoin sector, estimated at around $150 billion. Ripple acknowledged forecasts indicating that the stablecoin market is poised to exceed $2.8 trillion by 2028. In response, Ripple declared its plan to launch a stablecoin directly linked to the USD, maintaining a 1:1 peg ratio.

Ripple’s decision to launch a stablecoin is a strategic move that goes beyond expanding its product line. It’s about expanding its influence and reaching into both institutional and decentralized finance (DeFi). This move not only opens up new possibilities but also strengthens Ripple’s payment setup, with the ultimate goal of fostering greater synergy between traditional and decentralized finance, effectively bridging the two worlds.

Ripple Trusted Stablecoin Expansion

Unlike many others, Ripple’s stablecoin is backed by a combination of U.S. dollars, government bonds, and cash. This unique structure, monthly third-party checks, and full deposit support ensure its reliability and complete backing. It’s a stable coin you can trust.

Also, Ripple knows crypto’s future­ relies on many chains working togethe­r. So, it’s launching this stablecoin on XRP Ledger and Ethe­reum. The goal is to help diffe­rent chains talk to each other. Ripple­ wants more people to use­ the stablecoin. It plans to add support for more chains late­r.

In response to the announcement, Ripple CEO Brad Garlinghouse stated:

This marks a natural progression for Ripple as we strive to bridge further the divide between traditional finance and the realm of cryptocurrency. Moreover, this development holds immense significance for the XRP Ledger community, fostering additional use cases, liquidity, and avenues for developers and users alike.

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Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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