Ripple (XRP) CTO David Schwartz Hints at Launching USD-Backed Stablecoin in June: A Potential Game-Changer in Crypto Market
- Ripple’s CTO, David Schwartz, hints at the launch of a USD-backed XRP stablecoin in June.
- The announcement was made during the XRP Las Vegas conference on May 3-4.
- The move follows Bitcoin’s surge to a record high of $73,000 this year.
Ripple is set to launch a USD-backed stablecoin, a move that follows Bitcoin’s record surge. The announcement was made by Ripple’s CTO, David Schwartz, at the XRP Las Vegas conference.
Ripple’s Anticipated Stablecoin Launch
Ripple’s CTO, David Schwartz, hinted at the launch of a USD-backed XRP stablecoin during the XRP Las Vegas conference. The stablecoin, which is expected to be backed 1-to-1 by US Dollar deposits, US government bonds, and other low-risk investments, is aimed at driving more use-cases, liquidity, and opportunities for developers and users. The announcement sparked interest among the XRP community, with many seeing it as a more trustworthy alternative to assets like Tether’s (USDT) and Circle’s (USDC).
Stablecoin Market Competition
The stablecoin market has become increasingly competitive in recent times. Last month, investment manager Jan van Eck’s son, Nick van Eck, raised $12 million to launch a stablecoin. Additionally, payments giant PayPal and French bank Société Générale both launched their own stablecoins last year. Ripple’s entry into the stablecoin market, therefore, comes at a time when the market is highly lucrative and growing significantly.
