Ripple, a prominent player in enterprise blockchain and cryptocurrency solutions, announces plans to introduce a stablecoin pegged 1:1 to the US dollar.
The stablecoin will be fully backed by USD deposits and undergo monthly audits for transparency. Ripple’s CEO, Brad Garlinghouse, sees this move as a natural progression, bridging traditional finance with crypto.
The stablecoin’s launch on the XRP Ledger and Ethereum will expand to other networks, driving adoption. Monica Long, Ripple’s President, highlights the transformative potential of the XRPL, emphasizing its enterprise-grade quality and compliance.
The stablecoin aims to enhance liquidity on DEX and facilitate low-cost settlements globally. Regulatory compliance remains a priority for Ripple, with the stablecoin backed by a 1:1 reserve of cash and cash equivalents.
It will be issued on both XRP Ledger and Ethereum networks, ensuring compatibility for secure transactions.
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