The US greenback stablecoin market has lengthy been dominated by Tether (USDT) and Circle (USDC). Collectively these stablecoins have a market cap of round $140 billion or so.
Whereas others have tried, notably PayPal final yr, there isn’t a different stablecoin with a market cap of greater than $3 billion.
Into this setting comes Ripple, with the announcement as we speak of its personal dollar-denominated stablecoin that will probably be distributed on Ethereum and the XRP blockchain it created.
The corporate determined to launch its personal stablecoin final yr as the results of the de-pegging of each USDT and USDC briefly throughout some market turmoil. The Ripple stablecoin will probably be backed 1-to-1 by “U.S. greenback deposits, U.S. authorities bonds and money equivalents.”
The corporate may also conduct month-to-month attestation reviews to exhibit transparency.
PayPal has struggled to get any traction with its stablecoin, it has a market cap of simply $190 million, based on CoinMarketCap. Whether or not Ripple can do any higher stays to be seen.
Featured
By Ryan Browne
Blockchain agency Ripple mentioned it’s launching a U.S. greenback stablecoin, marking an entry into the $150 billion stablecoin market.
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