Cryptocurrencies
Ripple Set to Launch US Stablecoin in a Crowded $150 Billion Market
- Token to be backed by US dollar deposits and cash equivalents
- Ripple is latest entrant into an increasingly crowded space
The token will distributed on Ethereum and the XRP blockchain Ripple helped create.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Blockchain developer Ripple Labs Inc. plans to introduce its own dollar-denominated stablecoin, joining a long list of upstarts in a corner of cryptoassets long dominated by Tether Holdings Ltd.
Ripple’s stablecoin, designed to maintain a constant value of $1, will start trading later this year, Chief Executive Officer Brad Garlinghouse said in an interview. It will be backed by a one-to-one reserve of US dollar deposits, short-term US government bonds and other cash equivalents.