Fintech Nexus Publication (April 4, 2024): Ripple to tackle Tether, Circle with new stablecoin

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 any different stablecoin with a market cap of greater than $3 billion.

Into this atmosphere comes Ripple, with the announcement right now 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 yr 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 will even conduct month-to-month attestation reviews to show transparency.

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

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