Ripple plans to launch US dollar-pegged stablecoin

San Francisco headquartered blockchain firm Ripple is now planning to jump into the stablecoin business.

Ripple Labs is a San Francisco headquartered fintech firm which is mainly known for XRP cryptocurrency. This fintech firm manages development works around XRP and also uses it in cross-border payment services. In the past, many times people called XRP a centralised Cryptocurrency but Ripple always denies any kind of such claims.

On 4 April 2024, Ripple announced its plan for the stablecoin project.
According to this San Francisco headquartered fintech firm, the market of stablecoin will be $2.8 trillion by 2028.
Ripple believes that it will get better support for its stablecoin because people demand more trust, transparency, & better stability.
In the initial phase, Ripple’s stablecoin will be launched on the XRPL & Ethereum network.

In the latest interview with popular crypto news media Cointelegraph, Ripple CTO David Schwartz disclosed that the company is still in the initial phase of this new project and so far no decision has been made for the name of the planned stablecoin, so for now, we can call it Ripple stablecoin.

Ripple CEO Brad Garlinghouse shared the strong points of Ripple for this business sector. He said that Ripple has years of experience, a regulatory footprint, a strong balance sheet and a network with near-global payout coverage because of its existing XRP-backed cross-border payment services.

XRP price action

Following this stablecoin news by Ripple, the trade price of XRP coin surged nearly 7% within a few minutes but later retracted the trade price back.
The current trade price is only 3.3% higher over the last 24 hours.

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