Ripple has revealed its plans to introduce its own stablecoin pegged to the US dollar by the end of 2024.
The company stated that this move will expand its capabilities in the institutional and decentralized finance sectors, increasing use cases and enhancing its payments infrastructure to bridge the gap between traditional and decentralized finance.
According to the developers, the new asset will have a 100% backing from deposits in US dollars, short-term US government treasury bonds, and other cash equivalents.
It will be released on the XRP Ledger and Ethereum networks. The company also emphasized the significant role of stablecoins as an entry point into DeFi.
By introducing a reliable enterprise-grade stablecoin on the XRP Ledger, Ripple hopes to create more use cases, liquidity, and opportunities for developers and users.
