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 12 months, there is no such thing as a different stablecoin with a market cap of greater than $3 billion.

Into this atmosphere comes Ripple, with the announcement in the present day of its personal dollar-denominated stablecoin that will likely be distributed on Ethereum and the XRP blockchain it created.

The corporate determined to launch its personal stablecoin final 12 months as the results of the de-pegging of each USDT and USDC briefly throughout some market turmoil. The Ripple stablecoin will likely 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 stories to reveal transparency.

PayPal has struggled to get any traction with its stablecoin, it has a market cap of simply $190 million, in response to CoinMarketCap. Whether or not Ripple can do any higher stays to be seen.

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