SAN FRANCISCO—Ripple is set to issue a new stablecoin pegged to the U.S. dollar.
According to Fintech Magazine, the crypto provider’s new stablecoin will be 100% backed by USD deposits, short-term U.S. government treasuries and other cash equivalents.
Ripple said reverse assets will be audited by a third-party accounting firm, with Ripple set to publish monthly attestations.
“Ripple’s latest news marks its first foray into what is a burgeoning stablecoin market – which, for many investors, represents a less volatile means of engaging with the cryptocurrencies,” Fintech Magazine said. “The data backs this up, with the stablecoin market worth an estimated $150 billion today. And, in just four years, Ripple predicts the market will exceed a staggering $2.8 trillion.
‘A Natural Step’
Ripple CEO Brad Garlinghouse added, “This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto. Institutions entering this space are finding success by partnering with compliant, crypto-native players and Ripple's track record and resiliency speaks for itself, as we launch new products and acquire companies through multiple market cycles.”
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