❗️ Ripple will release its own stablecoin

The company said it will release a stablecoin this year pegged 1:1 to the US dollar, which will initially be available on the XRP Ledger and Ethereum.

It will be backed by "US dollar deposits, short-term US government Treasuries and other cash equivalents."

In its statement, Ripple said the stablecoin market, now worth more than $150 billion, is expected to grow to $2.8 trillion by 2028.

Ripple CTO David Schwartz told The Block that “in hindsight,” he and his team wished they had launched the stablecoin earlier.