Ripple to launch US dollar stablecoin, aims to compete with USDT and USDC

XRP issuer Ripple has announced plans to launch a U.S. dollar-backed stablecoin and hopes to compete with Circle and Tether for a slice of the market share over the next five years.

“We think it will be over $2 trillion by 2028, and there's only two market leaders. We don’t think it’s a winner-take-all-all ecosystem, particularly on the DeFi side.” “We're looking to grab market share. We're not looking to finesse a couple of extra decimal points by taking risks with other people's money,” Schwartz added when queried over Ripple’s plans to back the stablecoin with dollar deposits, U.S. treasury bonds and cash equivalents.

“Initially when Tether first launched, a big concern was whether these guys would run off with all the money because they’re very incentivized to do that. Then, after a while, ‘you’re like, wait a minute, these guys have a long-term business,’” Schwartz said.

Source: News Formal (newsformal.com)

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