Ripple has unveiled its plan to introduce a stablecoin tied to the U.S. dollar, putting it in direct competition with top stablecoin providers Tether and Circle. The stablecoin market, currently valued at $150 billion, is where Ripple aims to make its mark. The stablecoin will maintain a one-to-one value ratio with the U.S. dollar, backed by a combination of U.S. dollar deposits, government bonds, and cash equivalents. To ensure transparency and trust, Ripple will provide monthly attestation reports detailing the reserves supporting the stablecoin. While the auditing firm responsible for these reports has not been disclosed, Ripple’s CEO Brad Garlinghouse emphasizes the company’s commitment to regulatory compliance in various countries. The launch of the stablecoin will initially take place in the U.S., with potential future expansions into the European and Asian markets. This move is aimed at solidifying Ripple’s position in the digital currency field and enhancing the utility of the XRP ecosystem.
