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Cryptocurrency News Articles
Crypto firm Ripple launches a stablecoin pegged to the US dollar, looking to disrupt a market dominated by Tether and USD Coin
Oct 21, 2024 at 09:49 am
The venture marks a major milestone for Ripple, coming more than a year after a landmark win in a case against the Securities and Exchange Commission last year
Crypto firm Ripple has unveiled a stablecoin pegged to the US dollar, setting its sights on a market where the top two players account for almost 90 per cent of the value.
The launch on Friday marks a significant moment for Ripple, coming over a year after it notched a landmark victory in a case against the Securities and Exchange Commission.
But it faces a tough challenge in breaking into a concentrated market, where the two biggest stablecoins - Tether and USD Coin (USDC) - account for nearly 90 per cent of the total market capitalization, according to data from CoinGecko.
The stablecoin, called RLUSD, will be available globally on a range of platforms including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish, Ripple said.
Stablecoins are digital tokens that are designed to maintain a constant value, typically by being pegged to a fiat currency, a commodity or an algorithm.
They are more suited for payments and for converting crypto tokens into traditional currencies as they are shielded from the wild price fluctuations seen in bitcoin and ether.
Each RLUSD token is 100 per cent backed by US dollar deposits, US government bonds and cash equivalents, Ripple said.
The company has appointed Sheila Bair, former chair of US banking regulator Federal Deposit Insurance Corp, to the advisory board of RLUSD.
Previously, Bair was also the chair of the board at government-backed mortgage finance company Fannie Mae and the assistant secretary for financial institutions at the US Treasury Department.
The board will include Ripple co-founder and executive chair Chris Larsen, along with David Puth, former chief executive of CENTRE Consortium.
CENTRE, which previously oversaw USDC, was a joint venture between crypto exchange Coinbase (COIN.O) and stablecoin network Circle. It was shut down last year, with Circle taking full control over the issuance and governance of USDC.
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