Ripple company is preparing for a big move in the stablecoin field. The company announced that it will launch a stablecoin rivaling USDT and USDC.

According to the statement, the stablecoin, which will be 100 percent based on US Dollars, US bonds and equivalent assets, will initially be included in the XRP Ledger and Ethereum blockchain.

The stablecoin is expected to launch later this year following regulatory approval.

Expecting explosive growth in this field, Ripple emphasized that the market has a size of 150 billion dollars today and they estimate that it will increase to 2.8 trillion dollars by 2028.

“Launching a stablecoin is a natural move for Ripple as it bridges the gap between traditional finance and crypto,” said Ripple CEO Brad Garlinghouse. “We have long experience, legal know-how, a strong balance sheet and a network with near-global payments coverage to provide the best service in the payments space with XRP and our future stablecoin.” he said.

XRP price remained volatile following the announcement. While the cryptocurrency was trading at $0.58, it approached $0.62.

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