Ripple’s CTO, David Schwartz, has hinted at the launch of a USD-backed stablecoin by the company during the XRP Las Vegas conference. The stablecoin, which is set to be backed by US Dollar deposits, US government bonds, and other low-risk investments, aims to provide a more trustworthy alternative to assets like Tether’s (USDT) and Circle’s (USDC). Details about the stablecoin will be revealed next month at the XRPL Apex event in Amsterdam. Ripple’s entry into the stablecoin market follows the surge in Bitcoin’s value, which reached a high of $73,000 this year. The stablecoin market has become increasingly competitive, with the likes of PayPal and Société Générale launching their own stablecoins. Ripple’s stablecoin is expected to act as a bridge between traditional capital and crypto markets.
