The token will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents," according to the company.

By Sam Kessler

  • Crypto Prices

  • CoinDesk 20 Index

  • TV & Videos

  • Newsletters

  • Podcasts

  • Consensus Magazine

  • Learn

  • Bitcoin Calculator

  • Consensus

  • Webinars

  • Indices

  • About

  • Markets

  • Finance

  • Technology

  • Protocol Village

  • Policy

  • CoinDesk Studios

  • Thought Leadership

  • Sponsored Research

  • Press Release

  • Advertise

  • Language

Upcoming Events

The Consensus Agenda is Out Now!

Bitcoin

$68,030.58+1.68%

Ethereum

$3,345.32+2.30%

Binance Coin

$585.64+1.72%

Solana

$177.96+3.80%

XRP

$0.59159119+2.36%

Dogecoin

$0.18584537+7.87%

Cardano

$0.58464299+2.45%

Toncoin

$5.44+4.63%

Avalanche

$47.61+6.10%

Shiba Inu

$0.00002746+3.49%

Bitcoin Cash

$709.35+2.96%

Polkadot

$8.49+3.16%

Crypto PricesCoinDesk 20 Index

Technology

Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC

The token will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents," according to the company.

By Sam Kessler

Apr 4, 2024 at 2:00 p.m.

Updated Apr 4, 2024 at 2:30 p.m.

10 Years of Decentralizing the Future

May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar.

"The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028," Ripple said in a statement shared with CoinDesk. "There’s clear demand for stablecoins that deliver trust, stability and utility."

The company said the token, which it plans to release "later this year," will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." The stablecoin will be deployed onto Ripple's institution-focused XRP Ledger along with the Ethereum blockchain to start out, and it will be based on Ethereum's ERC-20 token standard.