"Ripple Enters Stablecoin Competition with US Dollar Backed Coin"

Ripple, the developer behind the XRP Ledger, is entering the stablecoin market with a new token pegged to the U.S. dollar, aiming to provide transparency and stability. The company plans to release the stablecoin later this year, backed by U.S. dollar deposits and short-term U.S. government Treasuries. Ripple's move comes as stablecoins gain popularity, with a focus on targeting enterprise customers and banking institutions, emphasizing a "compliance-first mindset" and using U.S. banks to hold reserves. Ripple's entry into the stablecoin market is seen as an opportunity to tap into the growing demand for stablecoins, currently dominated by Tether's USDT and Circle's USDC.