Ripple Plans to Launch USD Stablecoin On XRP Ledger

Ripple Labs, the parent company of the digital coin XRP, has announced plans to launch its USD-pegged stablecoin this year. Speaking to reporters, Brad Garkinghouse, Chief Executive Officer of the company stated that, the stablecoin will be backed by a one-to-one reserve of US dollar deposits, short-term US government treasuries, along with other cash equivalents.  Ripple’s stablecoin will initially be available on the XRPL(XRP Ledger) and the Ethereum (ETH) blockchains using XRPL native functionality and ERC20 token standards but plans to expand to additional networks and decentralized finance (DeFi) protocols…

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