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Cryptocurrency News Articles
Crypto firm Ripple launches stablecoin pegged to the U.S. dollar
Oct 15, 2024 at 08:13 pm
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 ventured into a new domain on Tuesday with the launch of its stablecoin pegged to the U.S. dollar, aiming to shake up a market where the top two stablecoins account for almost 90% of the value.
The move marks a significant step for Ripple, coming over a year after its landmark legal victory in a case against the Securities and Exchange Commission.
However, it faces the challenge of entering a concentrated market, where the two biggest players - Tether and USD Coin (USDC) - together account for nearly 90% of the total market capitalization, according to CoinGecko data.
The stablecoin, called RLUSD, will be available globally on a range of platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish, according to Ripple.
Stablecoins are digital tokens designed to maintain a stable value. They are typically backed by traditional currencies like the U.S. dollar or the euro.
Their stable nature makes them more suitable for payments and for converting crypto tokens into traditional currencies, as they are shielded from the sharp price fluctuations seen in bitcoin and ether.
Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, according to Ripple.
The company has also appointed Sheila Bair, former chair of the U.S. banking regulator Federal Deposit Insurance Corp, to the advisory board of RLUSD.
Previously, Bair also served as chair of the board at government-backed mortgage finance company Fannie Mae and assistant secretary for financial institutions at the U.S. Treasury Department.
The board will also include Ripple co-founder and executive chair Chris Larsen, along with David Puth, former chief executive of CENTRE Consortium.
CENTRE, which oversaw USDC, was a joint venture between crypto exchange Coinbase and stablecoin network Circle. It was shut down last year, with Circle taking complete control over the issuance and governance of USDC.
(Reporting by Niket Nishant in Bengaluru; Editing by Janane Venkatraman)
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