HIGHLIGHTS

• Ripple Labs announces plans to launch its own Stablecoin by the end of 2024.
• CTO David Schwartz believes the asset will compete with USDT and USDC.
• The Ripple stablecoin will primarily target corporate clients and payment companies.

Ripple Labs has revealed its intention to release a proprietary stablecoin pegged to the US dollar. According to the company’s Chief Technology Officer, David Schwartz, the asset is scheduled for launch by the end of 2024.

The stablecoin is set to be backed by “USD deposits, short-term US Treasury obligations, and other cash equivalents.” It will be launched on the XRPL and Ethereum networks, with a third-party company conducting reserve audits.

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“Issuing our stablecoin on XRP Ledger and Ethereum will be a pivotal moment for unlocking new opportunities for institutional and Defi users across different ecosystems,” said Ripple President Monica Long.

David Schwartz believes that the stablecoin could rival assets like USDT and USDC. The new product will focus primarily on corporate clients and payment companies. Schwartz expressed Ripple’s ambition to dominate the market and maintain a long-term presence in the digital asset sector.

Ripple’s leadership also hopes that the launch of the stablecoin will invigorate the decentralized XRP Ledger ecosystem. Schwartz mentioned that the company would emphasize transparency and security for its clients.

“We will conduct public audits monthly with a leading accounting firm, and will share more details later. We are committed to full transparency,” emphasized the company’s CTO.

Previously, we reported that Ripple Labs CEO Brad Garlinghouse supported the idea of creating an XRP-ETF.