Posted on 04/04/2024 12:02:23 PM PDT by EBH
Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar. "The stablecoin market is over $150 billion today and is forecasted to exceed $2.8 trillion by 2028," Ripple said in a statement shared with CoinDesk. "There’s clear demand for stablecoins that deliver trust, stability and utility."
The company said the token, which it plans to release "later this year," will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." The stablecoin will be deployed onto Ripple's institution-focused XRP Ledger along with the Ethereum blockchain to start out, and it will be based on Ethereum's ERC-20 token standard.
"What we think is going to be our differentiator is going to be the fact that the assets are going to be in dollars, Treasuries – rock solid," Ripple CTO David Schwartz told CoinDesk in an interview. "We're not trying to juice the last couple of decimal points out of this. We're looking to conquer the market and be in it for the long term." As for why Ripple – still battling an enforcement case brought by the U.S. Securities and Exchange Commission – has decided to jump into the stablecoin game, Schwartz said that the decision, in part, came down to simple "dollars and cents." "Part of it is just opportunistic. It's a growing market," he said. "You could be a bank that pays no interest. That seems like a pretty good business opportunity."
(Excerpt) Read more at coindesk.com ...
Nasty stuff.
(Nasty stuff.)
Not according to Fred Sanford. He loved it!
Oh! Nevermind!
“Not according to Fred Sanford. He loved it!”
Champipple!
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