Ripple’s Stablecoin hype in market

Ripple is about to launch its stablecoin. Ripple is a very well-known name in the crypto market and this is a company that has a crypto coin called XRP. This is a popular coin in the market as per the market cap and despite the fact this project has gone through legal issues as Security and Exchange Commission filed a lawsuit. Some people call xorp as the bank coin but that is not the truth because Ripple is also trying to build much more on their chain.

Now Ripple has announced that they are going to launch a stable coin in the market and this coin is going to be backed by the US dollar. This time in the market there is hype about this upcoming stable coin which is going to be launched by Ripple and a lot of people are talking about it It seems that this stable coin can also get more attention in the market. Although this is not the first stablecoin in the market and we already have multiple stablecoins backed by US dollars it is important to know how is it going to be different or if is it just going to be following the same parameters as others do.

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The Ripple stablecoin, expected later this year, will be backed 1-to-1 by cash equivalents including U.S. dollar deposits, U.S. government bonds and other low-risk investments, according to the company’s announcement. The idea is reportedly to create a more trustworthy alternative to assets like Tether’s (USDT) and Circle’s (USDC).

This stablecoin is expected to be launched this year however as of now there is no exact date shared by Ripple but it is anticipated that we are going to have it soon which can be in this quarter or the next one but to be honest as of now there is no update on that. The Ripple team is also trying to claim that this new stablecoin is going to be a trust over the alternative to other stablecoins like usdt and usdc. Although both are already quite popular in the market and they are trustworthy that is why they have got quite a big attention in the market but maybe Ripple will be trying to be part of this segment also through the use of trustworthiness.

In my opinion, this is good news because we are going to have another coin in the list and as a user we should get more options to choose from as far as they are reliable and they are going to follow US dollar value in the market. Almost every crypto trader uses these stable coins in the market hence it is important to have more options so that no one company can lead the entire market to reduce the risk. What do you say about it?

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