Breaking: Ripple Moves to Launch Stablecoin on XRP Ledger, XRP Soars 4%

Published 04/04/2024, 14:43
Updated 04/04/2024, 14:45
Breaking: Ripple Moves to Launch Stablecoin on XRP Ledger, XRP Soars 4%
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Coin Edition -

  • Ripple has disclosed its intention to launch a stablecoin pegged 1:1 to the USD on the XRP Ledger.
  • Ripple noted that projections suggest the stablecoin market would surge beyond $2.8 trillion by 2028.
  • XRP’s value surged by over 4% to above $0.6 following the announcement.

Renowned crypto platform Ripple has disclosed its intention to launch a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum. The firm disclosed this move in a statement via its official X account in the last few hours.

The notification highlighted Ripple’s observation of the flourishing stablecoin market, currently valued at approximately $150 billion. Ripple noted that projections suggest the stablecoin market would surge beyond $2.8 trillion by 2028. To this end, Ripple announced its initiative to introduce a stablecoin pegged 1:1 to the USD.

Furthermore, the company noted that this strategic move extends its presence into institutional and DeFi sectors, broadening potential use cases and fortifying its payments infrastructure. This aims to bridge the realms of traditional and decentralized finance, bringing them closer together.

Notably, Ripple’s stablecoin will be fully backed by US dollar deposits, U.S. government bonds, and cash equivalents. The company has guaranteed trust and reliability through monthly third-party attestations.

Furthermore, Ripple expressed its recognition that the future of cryptocurrency lies in a multichain ecosystem. Consequently, it is launching this stablecoin on the XRP Ledger and Ethereum, aiming to facilitate cross-chain interoperability and open doors to broader adoption. Ripple has noted intentions to open to other chains in the future.

Reacting to the development, Ripple CEO Brad Garlinghouse said:

This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto. This move is also monumental for the XRP Ledger community, driving more use cases, liquidity, and opportunities for developers and users.

Following this announcement, XRP’s value surged by over 4% to above $0.6 at press time. A pronounced uptick was observed within hours of the announcement.

The post Breaking: Ripple Moves to Launch Stablecoin on XRP Ledger, XRP Soars 4% appeared first on Coin Edition.

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