{"id":17312,"date":"2024-04-04T16:11:29","date_gmt":"2024-04-04T16:11:29","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17312"},"modified":"2024-04-04T13:44:23","modified_gmt":"2024-04-04T13:44:23","slug":"ripple-set-to-launch-us-dollar-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ripple-set-to-launch-us-dollar-backed-stablecoin\/","title":{"rendered":"Ripple Set To Launch US Dollar Backed Stablecoin"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/shock-penalty-from-sec-to-ripple-2-billion-dollars\/\">Ripple <\/a>has announced its intention to launch a US dollar-backed stablecoin, with the desire to compete with established players such as Circle&#8217;s USDC and Tether&#8217;s USDT. According to David Schwartz, Ripple&#8217;s chief technology officer, the stablecoin market is estimated to exceed $2 trillion by 2028, indicating ample opportunity for new participants.<\/p>\n<p>While details such as the stablecoin&#8217;s ticker symbol have yet to be decided, Ripple initially plans to issue the stablecoin on both the XRP Ledger and Ethereum blockchains. Schwartz emphasized the need for a more diverse and robust stablecoin ecosystem, given the current market capitalization of around $150 billion.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/ripple-faces-2-billion-sec-fine-despite-xrp-not-being-security\/\">Ripple<\/a>&#8216;s stablecoin will hold a 1:1 peg with the US dollar, backed by US dollar deposits, short-term US government treasuries and other cash equivalents. The company aims to prioritize compliance, inspired by Circle&#8217;s USDC approach.<\/p>\n<p>Transparency will be a key focus for Ripple, with its reserve assets scheduled to undergo third-party audits and publish monthly attestations. Schwartz likened the initial skepticism surrounding Tether&#8217;s USDT to concerns over the stability and reliability of reserve attestations. However, Ripple aims to instill confidence in its stablecoin by maintaining a transparent and compliant approach.<\/p>\n<p>In sum, Ripple&#8217;s entry into the stablecoin market signals its ambition to capture market share while emphasizing compliance and transparency as key pillars of its offering.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple has announced its intention to launch a US dollar-backed stablecoin, with the desire to compete with established players such as Circle&#8217;s USDC and Tether&#8217;s USDT. According to David Schwartz, Ripple&#8217;s chief technology officer, the stablecoin market is estimated to exceed $2 trillion by 2028, indicating ample opportunity for new participants. While details such as<\/p>\n","protected":false},"author":6,"featured_media":16366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[509,5314,488],"class_list":["post-17312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-ripple","tag-ripple-stablecoin","tag-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple Set To Launch US Dollar Backed Stablecoin - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Ripple has announced its intention to launch a US dollar-backed stablecoin, with the desire to compete with established players such as Circle&#039;s USDC and Tether&#039;s USDT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/ripple-set-to-launch-us-dollar-backed-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple Set To Launch US Dollar Backed Stablecoin - 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