Ripple to Launch US Dollar-Backed Stablecoin by End of 2024

Ripple Plans to Launch a Stablecoin by End of 2024
Ripple, the company behind the popular cryptocurrency XRP, has announced its intention to enter the stablecoin market with a digital token backed by the US dollar by the end of 2024. Monica Long, the president of Ripple, revealed the plans in a recent interview, highlighting the company’s efforts to diversify its offerings and remain competitive.
The proposed stablecoin aims to simplify access to US dollars and facilitate instant cross-border payments using blockchain technology. Ripple is currently focusing on regulatory compliance and forming institutional partnerships to bring this stablecoin to market.
Despite the focus on the new stablecoin, Monica Long assured that XRP would continue to play a crucial role within Ripple’s ecosystem. XRP is expected to act as a liquid relay asset for exchanges between traditional fiat currencies and tokens representing real assets.
Ripple’s move into the stablecoin space comes at a time when the market is projected to reach a market capitalization of over $3 trillion within five years, driven by increasing interest from institutional investors. The company also recognizes the growing institutional appetite for cryptocurrencies, spurred by recent Bitcoin-related ETF launches and the tokenization of traditional financial assets.
With the launch of its stablecoin, Ripple aims to enhance its services for international transactions and solidify its position in the realms of cross-border payments and decentralized finance.
The article also includes a disclaimer noting that the views expressed are solely those of the author and should not be considered investment advice.